The Adnani Group stock fell by 5.3% on Monday after Hindenberg Research shed light on the SEBI chair’s alleged offshore investments tied to Vinod Adani. Adani Group lost approximately $2.4 billion as markets closed on Monday. Latest updates indicate shares of Adani Total Gas, Adani Power, Adani Wilmar, and Adani Energy Solutions led the overall Adani tumble after Hindenberg.
The Hindenberg report revealed that Madhabi Puri Buch, chair of the Securities and Exchange Board of India (SEBI), and her husband, Dhaval Buch, held investments with offshore funds frequently used by the Adani Group. Thus, spotlighting bias in frameworks and regulations drafted under India’s SEBI. Hindenberg claims that SEBI “can’t be trusted as an objective arbiter in the Adani matter.” Madhabi Puri Buch and her husband have since denied such “baseless allegations.”
On Sunday, Adani Group released a formal response against the widely circulated report, stating it to be a “red herring.” In the response, Adani Group reiterated its “fully transparent” operations oversees “with all relevant details disclosed regularly in numerous public documents.”
The Adani Group is one of India’s largest multinational conglomerates, with a presence in nearly every sector ranging from commodities trading to renewable energy. The Hindenberg accusations against India’s SEBI chair and the Adanis come 18 months after it first accused “the Adani Group of stock manipulation and corporate fraud.”
