Adani Stocks Drop as Hindenburg Row With India Regulator Worsens

All but two of 10 Adani Group stocks decline in Mumbai
Buch denies Hindenburg’s allegations of conflicts of interest

WATCH: The chief of the Securities and Exchange Board of India has hit back at allegations of having conflicts of interest with the Adani Group. Avril Hong explains the latest.Source: Bloomberg

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By Ashutosh Joshi and Abhishek Vishnoi

August 12, 2024 at 12:20 AM EDT

Updated on

August 12, 2024 at 7:03 AM EDT

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Adani Group’s stocks fell after Hindenburg Research accused India’s chief market regulator of having conflicts of interest that prevented a thorough probe into fraud allegations against the conglomerate.

Shares of Adani Enterprises Ltd., the group’s flagship, fell 1.1%, paring losses of as much as 5.5% on Monday. Adani Energy Solutions Ltd. slid 3.7%, as all but two of the conglomerate’s 10 stocks ended lower. The benchmark NSE Nifty 50 Index closed little changed.