Shares of Adani Group firms fell sharply in morning trade on Wednesday in line with an overall weak trend in the equity market. Adani Enterprises stock tumbled 9.31 per cent on the BSE. Shares of Adani Power declined 5 per cent, Adani Transmission fell 5 per cent, Adani Total Gas (5 per cent), Ambuja Cements (5 per cent) Adani Green Energy (4.99 per cent), Adani Wilmar (4.99 per cent) and NDTV (4.55 per cent).
The stock of Adani Ports declined 4.38 per cent and ACC fell 3 per cent. Many of the group firms also hit their lower circuit limits in morning trade.
The broader equity market also faced weak trend as the BSE Sensex fell 596.95 points or 0.98 per cent to 60,075.77 in morning trade. Adani Group stocks have taken a beating on the exchanges after US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
