#BUZZFEED Adani Group Hindenburg Row!

On January 24, short-seller Hindenburg Research, located in New York, released a report on the Adani Organization of Companies, accusing the group of committing in decades-long stock manipulation and accounting fraud. According to The Adani Group's response to the group, the report is "a vicious combination of selected falsehoods and outdated, unsubstantiated and debunked charges." On January 25, India's largest-ever secondary share offering was scheduled to begin with the sale of shares of Adani Enterprises, the conglomerate's flagship company and provider of ports to energy. The corporation nonetheless launched the FPO despite the findings. After navigating the early bumps, the Follow-On Public Offering (FPO) was subscribed to entirely on January 31. However, within a day, the business announced it had cancelled its FPO and would return investors' funds.

The market capitalization of the Adani group companies fell precipitously by Rs 9.5 lakh crore on Monday as shares of the majority of the group companies ended down. Six of the ten Adani group firms finished Monday's trading session in the red, with Adani Transmission losing 10% At the same time, the shares of Adani Total Gas, Adani Power, Adani Green Energy, and Adani Wilmar all fell by 5%. In just eight trading sessions, the market capitalization of the Adani group's shares has almost halved. The market value increase after January 2020 was astonishing, much like the current decline.

Adani Group companies lost almost Rs 9 lakh crore in market capitalization over the seven trading sessions from January 24 to February 3. From Rs 19.2 lakh crore on January 24, the day Hindenburg Research made its study public, to Rs 10 lakh crore on February 3, the Adani Group's total market value decreased.