By Muslim Mirror Network
The government on Wednesday refused to comment on the fraud allegations levelled by a US short seller on Adani Group, which triggered a massive USD 90-billion rout in the group firms’ shares, saying it does not comment on individual company matters.
“We in government don’t respond to issues related to a particular company,” Economic Affairs Secretary Ajay Seth said during the post Budget interaction with media here.
Chief Economic Advisor (CEA) V Anantha Nageswaran on Tuesday had also refused to comment on the impact of the rout in Adani Group shares following a damning report by US-based short seller Hindenburg Research.
Shares of Adani Group firms slumped on Wednesday and have lost more than Rs 7 lakh crore or about 38 per cent of their combined market cap in the last five trading sessions amid concerns over US-based short seller Hindenburg Research’s report.
Adani Group stocks have taken a beating on the bourses after Hindenburg in the report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group.
Hindenburg released the report on January 24 — the day on which Adani Enterprises’ Rs 20,000-crore follow-on share sale opened for anchor investors, while the allegations have been rejected by the conglomerate.
At the end of Wednesday’s trading session, all the group companies settled in negative territory with shares of three companies hit their lowest price band.
Shares of Adani Enterprises nosedived 28.45 percent to close at Rs 2,128.70 on the BSE despite the company’s Rs 20,000-crore share sale sailed through on the last day on Tuesday after non-retail investors bid in big volumes. There was, however, a muted response from retail investors and company employees.
The counter of Adani Ports and Special Economic Zone plunged 19.69 percent, Adani Total Gas slumped 10 percent, Adani Green Energy declined 5.78 percent, Adani Wilmar fell 4.99 percent, Adani Wilmar went down 4.99 percent, Adani Power dropped 4.98 percent and Adani Transmission slipped 2.46 percent.
In addition, Ambuja Cements tanked 16.56 percent, while ACC dropped 6.34 percent and NDTV went down 4.98 percent. — ( with PTI inputs)
MORAL OF STORY
INDIAN BANIAS SHOULD NOT LIST IN US/EU/NIPPON,THEIR BONDS OR EQUITY !
THEY SHOULD RAISE MONEY FROM FII AND BANKS – BUT NOT VIA INTERNATIONALLY TRADEABLE BONDS AND STOCKS !
MORAL OF THE STORY – FOR HINDENBERG ! BESIDES TATAS,ANY INDIAN COMPANY,WITH MARKET CAP OF MORE THAN 100 BILLION USD CAN BE BLOWN TO BITS !
BIG PICTURE !
HINDOOS ARE IDOLATORS ! THEY BOUGHT CHAIWALA’S CHAI ! THEY BELIEVE WHAT THE MASS THINKS !
MASS CONTROL IS BEST DONE BY THE BANIA MEDIA ! SO IF A EX-FACIE CREDIBLE ALLEGATION IS INSERTED INTO THE MEDIA BY A HEDGE FUND – IT WILL CRASH THE INDIAN STOCKS
THEN IT IS ALL MOMENTUM !
AND THEN COMES IN THE POLITICAL PARTIES !
IF NATHAN HIRES A LAWYER WHO IS SENT 2 CAYMAN,PORT LOUIS………, ALL THE DETAILS OF THE SHELL COMPANIES WILL COME OUT ! IT IS EASY MONEY !
THERE ARE NO SECRETS IN OFFSHORE HAVENS ! THERE ARE MANY POWERFUL PEOPLE AND “STATE AGENCIES”, TRYING TO DESTROY ADANI ! dindooohindoo
ONLY I CAN SAVE HIM ! SAMIR SARDANA