Gautam Adani (File photo: PTI)
The report of Hindenburg Research came 9 months ago. In which allegations of Adani Group financial fraud were made. Many types of claims were also made. The short seller company had also given its claims regarding different companies. In which a claim appears to be true after 9 months of reporting. Hindenburg had claimed that the valuation of Adani Group would be reduced by about 85 percent. In which the market cap of one company has reduced by 85 percent in its valuation. This is not any company but Adani Total Gas Limited.
In fact, on Monday, Adani Total Gas shares fell by more than 3 percent. The company’s shares fell at Rs 571.85 during the trading session. Whereas before the Hindenburg report came, the company’s shares were at Rs 3,891.75. Now you can imagine how much loss the company has suffered so far.
6 percent decline in one month
On the other hand, shares and bonds of some companies of Adani Group have improved. This improvement was seen when GQG Partners started investing in Adani Group shares. Adani Total Gas has suffered the biggest loss in the last 9 months. The new trouble for the company is the policy announced by the state government of New Delhi, which mandates mandatory conversion of all commercial vehicles into EVs by 2030. This month, Adani Total Gas shares have seen a decline of 6 percent.
The report came on January 24
Hindenburg Research, in its January 24 report, had made allegations related to corporate scam against the group. Due to which there was a big fall in the shares of group companies. At that time there had been a decline of 150 billion dollars in the valuation of the group. Adani Group has denied all these allegations. In May, an interim report by a Supreme Court-appointed panel said it found no evidence of stock-price manipulation.