Shares of most Adani Group companies continued to see sharp losses for a third consecutive trading session as the company attempted to rebut short seller firm Hindenburg’s report, which accused the conglomerate of stock manipulation and an “accounting fraud scheme.”
pared some of its earlier gains and closed 4.76% higher in Monday’s session. That surge, amid a sell-off for most other Adani affiliates, came after the group published a lengthy response of more than 400 pages to Hindenburg’s report over the weekend. It said that it will exercise its rights to “pursue remedies” to protect its investors “before all appropriate authorities.”
Adani Enterprises’ stock price remains more than 25% lower month-to-date, Refinitiv data showed. It proceeded with a secondary share sale worth $2.5 billion, which was overshadowed by a rout that wiped out a total of $65 billion as of yesterday’s close.
