A report that sent Adani stocks crashing for 3rd day

Shares of Adani group firms have faced heavy drubbing since Tuesday's close last week, after US-based short seller Hindenburg Research made damaging allegations against the conglomerate.

Most of the group firms fell for the third day running on Monday.

Since Tuesday's close last week, shares of Adani Transmission have tumbled 41.66 per cent, Adani Total Gas tanked 39.57 per cent, Adani Green Energy declined 37.55 per cent and Adani Ports fell 23.75 per cent on the BSE.

The calculation takes into consideration Tuesday's closing price to Monday's intra-day lows of all Adani firms.

Shares of Ambuja Cements declined 22.77 per cent, ACC tanked 20.32 per cent, Adani Enterprises fell 19.51 per cent, Adani Wilmar dipped 14.25 per cent, Adani Power (14.24 per cent) and NDTV (14.22 per cent).

Stock markets were closed on Thursday on account of Republic Day.

On Friday, the Adani group stocks fell up to 20 per cent and had lost more than Rs 4.17 lakh crore from the combined market valuation of listed firms after Hindenburg Research made damaging allegations.

Banking counters and Life Insurance Corporation of India (LIC) have also faced the heat amid concerns over their exposure to the Adani group firms.

In three days, Bank of Baroda declined 13 per cent, State Bank of India fell 10.77 per cent and Life Insurance Corporation tanked 8.90 per cent.

US-based short seller Hindenburg Research has rejected Adani Group's charge that its report was an attack on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations.

Commenting on the 413-page response Adani Group released late on Sunday evening in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through "systematic loot".

Hindenburg stood by its last week's report that said its two-year investigation found Adani Group "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".