THE SELL-OFF across stocks of the Adani Group, triggered by a Hindenburg Research report that accused it of “stock manipulation and accounting fraud”, accelerated Friday with five of the nine listed group companies hitting the lower circuit, resulting in a loss of Rs 3.37 lakh crore in the group’s market capitalisation. Over the last two trading sessions, on Wednesday and Friday, the Adani Group has lost Rs 4.17 lakh crore in market cap.
Friday’s fall comes a day after the Adani Group said it was planning to sue Hindenburg Research, a New York-based investor research firm that specialises in short selling, for its “maliciously mischievous” report.
