Adani Stocks Drop As Hindenburg Row With India Regulator Simmers

Adani Group’s stocks fell after Hindenburg Research accused India’s chief market regulator of having conflicts of interest that prevented a thorough probe into fraud allegations against the conglomerate, Ashutosh Joshi and Abhishek Vishnoi reported for Bloomberg News.

Shares of Adani Enterprises Ltd., the group’s flagship company, slid as much as 5.5% in early trading on Monday. I Photo: Gautam Adani X

Shares of Adani Enterprises Ltd., the group’s flagship company, slid as much as 5.5% in early trading on Monday.

Adani Energy Solutions Ltd. plunged as much as 17% before paring the bulk of the loss, with all but one of the conglomerate’s 10 stocks trading lower.

The benchmark NSE Nifty 50 Index recouped initial losses to trade higher in line with other Asian markets.

In a report published Saturday, Hindenburg said Madhabi Puri Buch — the chairperson of the Securities and Exchange Board of India — and her husband, Dhaval Buch, invested in offshore entities that were allegedly part of a fund structure in which Vinod Adani — the brother of billionaire Gautam Adani — also had investments. Buch denied any wrongdoing.