The Adani Group, one of India’s largest conglomerates, witnessed a significant sell-off in its stocks on Monday, August 12, with several of its companies losing up to 7% in early trading. This sharp decline, which erased approximately INR 53,000 crore from the group’s combined market capitalization, was largely triggered by a fresh report from the U.S.-based short seller Hindenburg Research. The report renewed concerns over the governance and financial practices within the Adani Group, further intensifying the ongoing controversy between Adani and Hindenburg.
Key Points of Decline
The stocks that took the biggest hit included Adani Wilmar, Adani Energy Solutions, Adani Total Gas, and Adani Ports, all of which recorded substantial losses. Adani Wilmar, in particular, saw a decline of 4.1%, closing at INR 369, while Adani Total Gas dropped by 4%, ending at INR 836. Adani Enterprises, the flagship company of the group, fell by 1.5% to INR 3,141, and Adani Ports decreased by 2.3% to INR 1,498.
The benchmark indices, Nifty 50 and BSE Sensex, also reflected the market’s volatility, oscillating between gains and losses throughout the day. Despite early losses, both indices managed to recover before closing the day flat. Nifty ended down 20 points at 24,347, while Sensex lost 57 points to settle at 79,649.