Hindenburg’s allegations against Adani Group are irrelevant, claims report

All the allegations made by Hindenburg Research against Adani Group have been rejected by a US government agency. After this step taken by the US government agency, there is a tremendous increase in the shares of Adani Group. According to the Bloomberg report, the US government agency has found the allegations of Hindenburg Research against Adani Group to be baseless. Shares of Adani Group recorded a strong rise after a report came out which refuted the claims made in the Hindenburg Report.

Since this announcement by the agency, the shares of Adani Group have been rising tremendously. Adani Green Energy shares have seen an increase of 17 percent. Adani Green Energy Limited itself has announced on Tuesday that the funding scheme will also be started. The company has announced a follow-on funding plan of $1.36 billion to increase the financing framework to $3 billion. It is backed by a consortium of top international banks. International Development Finance Corp official says the Corp is satisfied that the allegations made in the short seller’s report will not apply to Adani Group.

Let us tell you that after this information there has been a tremendous increase in the shares of Adani Group. The market cap of the company has once again reached more than Rs 3 lakh crore. A rise of 17 percent was seen in the shares of Adani Group. The maximum increase was seen in the shares of Adani Energy Solutions and Adani Green Energy.

Share reached high level
According to the information, shares of some companies of Adani Group reached 52-week high. Shares of Adani Energy Solutions and Adani Green Energy had risen by 20-20 percent. Apart from this, a jump of 19.95 percent was seen in the shares of Adani Total Gas and 18.41 percent in NDTV. Shares of the group’s flagship company Adani Enterprises also rose 17.03 percent to Rs 2,960.10. Adani Power gained 15.91 percent while Adani Ports & SEZ gained 15.51 percent.

During trading, shares of Adani Power and Adani Ports & SEZ reached 52-week high on BSE. Adani Wilmar shares rose 9.93 percent while ACC gained 8.20 percent and Ambuja Cements rose 7.22 percent. Meanwhile, shares of Sanghi Industries also rose 4.97 percent after the completion of the acquisition by Adani Group. Amidst the strong rally, the combined market valuation of all the 11 listed companies of the group increased to Rs 13.91 lakh crore. The market valuation on Monday was at Rs 11.98 lakh crore.

In this way, a huge increase of about Rs 1.92 lakh crore was recorded in the market valuation of these companies in a single trading session. After the huge fall in market valuation after the Hindenburg report came out in January this year, the combined capitalization of Adani group companies has reached close to Rs 14 lakh crore for the first time. The Hindenburg Report accused the group of stock price manipulation and financial irregularities in its companies. But the group had denied all these allegations. A favorable report refuting the Hindenburg Report played an important role in the rise in group companies on Tuesday.