• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Thursday, May 15, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Hindenburg Effect – Adani Group stocks crash for 2nd trading session; Lose $50 billion market value

by Thomas Babychan
January 28, 2023
in Business, India News, Markets, News, Other, Popular, Trending, World
Reading Time: 2 mins read
0
Hindenburg Effect – Adani Group stocks crash for 2nd trading session; Lose $50 billion market value
TwitterWhatsappLinkedin

Shares of companies owned by Adani group continued to tumble in the Indian stock market for the Second straight trading session, as fears regarding the aftereffects of the Hindenburg Research report forced investors to sell off shares in large amounts. Statistics suggest that the multinational conglomerate has lost nearly 50 billion dollars in market capitalization since the release of the investigation report.

You might also like

iPhone 18 Pro Rumored to Feature Under-Screen Face ID, Redefining Display Design

Sony Faces Tough Choices as U.S. Tariffs Threaten PS5 Pricing and Production

Tesla Reportedly has 10,000 Unsold Cybertruck

Hindenburg Research LLC, an investment research firm and short seller based in the United States released an investigative report on 24th January 2023 titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’. According to the firm, they conducted investigations into the business activities of Adani Group in the last two years and found out how it engaged in brazen stock manipulation and accounting fraud schemes over the course of decades.

On 25th January, the Indian stock markets opened with heavy selling pressure on Adani stocks as the investigation report triggered fear amongst the investor community. A large-scale sell-off pushed down the prices of Adani stocks. At one point in time, some stocks even went down by 20 percent widening the loss of investors and stock traders.

Gautam Adani, Chairman of the Adani Group during a press conference at a press conference in Mumbai

A few hours later, Adani Group released a statement saying that the report published by Hindenburg Research is a ‘malicious combination of selective misinformation and stale’. According to the conglomerate, the investigative report is “maliciously mischievous” and “unresearched.” Adani Group also announced that it is exploring all its options to move legally against Hindenburg Research for publishing such malicious reports.

None of these helped the company in avoiding another stock market crash on Friday as all Adani stock including stocks of its two cement subsidiaries tumbled by 6 to 20 percent. Stocks of Adani Enterprises Ltd tanked by 18.52 percent on Friday. Stocks of Adani Green Energy and Adani Transmission tumbled by 20 percent.

Stock market data also shows that 5 major Adani stocks, namely Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green Energy, and Adani Ports & SEZ hit their lower circuits on Friday.

Hindenburg Research report also had a profound impact on the FPO (follow on public offer) of Adani Enterprises which was scheduled to begin on Friday. On the first day of FPO, only 1 percent of the total offered shares were subscribed by the investors. Out of 45.5 million shares on offer, only 4,70,000 shares got subscription bids. Adani Enterprises had earlier raised ₹5,984.9 crores by allocating a portion of FPO shares to anchor investors.

Tweet54SendShare15
Previous Post

How to improve credit score

Next Post

Why Brian Armstrong believes Bitcoin will skyrocket in 2023 and Altcoins may head towards the grave?

Thomas Babychan

Thomas Babychan is an experienced business and economic journalist with a focus on international trade, stock market, banking, and multilateral organizations. He also has expertise in international relations and diplomacy.

Recommended For You

iPhone 18 Pro Rumored to Feature Under-Screen Face ID, Redefining Display Design

by Anochie Esther
May 15, 2025
0
iPhone 18 Pro

As the tech world anticipates the inauguration of the iPhone 17 Pro later this year, whispers about its successorthe iPhone 18 Pro are already beginning to swirl. And...

Read more

Sony Faces Tough Choices as U.S. Tariffs Threaten PS5 Pricing and Production

by Anochie Esther
May 15, 2025
0
PS5

Sony, one of the world’s most recognized names in consumer electronics, is facing a dilemma on how to maintain its grip on the global gaming market amid rising...

Read more

Tesla Reportedly has 10,000 Unsold Cybertruck

by Anochie Esther
May 15, 2025
0
Cybertruck

In 2019, Elon Musk launched the Cybertruck with the kind of theatrical flair that only he could pull off smashing windows that weren’t supposed to break and promising...

Read more
Next Post
Why Brian Armstrong believes Bitcoin will skyrocket in 2023 and Altcoins may head towards the grave?

Why Brian Armstrong believes Bitcoin will skyrocket in 2023 and Altcoins may head towards the grave?

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?