Stock Market: Adani Shares Fall Amid Hindenburg Row; Sensex, Nifty Surge After Tumbling In Early Trade

Days after the latest revelations put forth by Hindenburg Research, the stock market in India opened in red on Monday. After a slow start in early trade, both Sensex and Nifty have surged as the markets stay open.

Meanwhile, the stocks for Adani group saw a drastic drop due to the ongoing row with Hindenburg Research, a US-based firm which has accused the group of financial misconduct

As per the opening numbers, BSE Sensex opened at 79,459, down by around 246 points. Nifty 50 on the other hand opened at 24,286, down by around 81 points.

Meanwhile, GIFT Nifty also opened on a low today at 24,384. As of 9:30 AM, the trading stood at 24,352 points, indicating a drop of 30 points.

The flat positive for the stock markets comes after another investigative report by Hindenburg Research alleged that SEBI was involved in offshore trading with Adani group.

Citing whistleblower documents, Hindenburg alleged that Madhabi Buch, the chairperson of Securities and Exchange Board of India (SEBI), and her husband owned stakes in offshore entities linked to the Adani Group's alleged financial misconduct.

Adani Stocks Plunge

As a result of the Hindenburg Report, a massive fall was reported in Adani stocks. Amid the allegations against SEBI Chief, a seven percent drop was reported in the shares of Adani group on Monday morning.

Overall, investors saw a loss of approximately Rs 53,000 crore, with the total market capitalization of 10 Adani stocks falling to Rs 16.7 lakh crore.

All ten stocks of the Adani group plunged as part of the aftermath of the Hindenburg.Adani Energy Solutions fell by 17 percent, Adani Total Gas tanked 13.39 percent, NDTV plunged 11 percent and Adani Power dropped 10.94 percent on the BSE.

Meanwhile, Adani Green Energy dropped by 6.96 percent, Adani Wilmar by 6.49 percent, Adani Enterprises fell by 5.43 percent, Adani Ports by 4.95 percent, Ambuja Cement dropped by 2.53 percent and ACC fell by 2.42 percent.