Shares of Adani Group companies saw a sharp decline of up to 7%, causing investors to lose approximately ₹53,000 crore. The market capitalization of 10 Adani stocks dropped to ₹16.7 lakh crore. This downturn follows a report from US short seller Hindenburg, which accused SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch of having stakes in offshore funds from Bermuda and Mauritius. These funds were allegedly used by Vinod Adani, Gautam Adani’s brother, to acquire and trade large quantities of Adani Group shares.
Adani Green Energy was significantly affected, with its shares plummeting by 7% to a day’s low of ₹1,656 on the Bombay Stock Exchange (BSE).
Adani Total Gas shares fell by around 5%, while Adani Power decreased by 4%. Adani Wilmar, Adani Energy Solutions, and Adani Enterprises saw declines of about 3%. Adani Ports, a Nifty stock, experienced a drop of approximately 2%.
Hindenburg’s report questioned the trustworthiness of SEBI in handling the Adani case, suggesting that SEBI might not be an impartial regulator. Madhabi Puri Buch has denied all allegations, and SEBI stated that the Chairperson had complied with all disclosure requirements concerning securities holdings and transfers. SEBI added, “The Chairperson has also recused herself from matters with potential conflicts of interest.”
SEBI noted that of the 24 ongoing investigations, one was concluded in March 2024. The agency mentioned, “During the ongoing investigation, more than 100 summons, approximately 1,100 letters and emails have been sent to gather information. Over 100 communications have been made seeking help from domestic and international regulators and external agencies. Additionally, more than 300 documents, totaling around 12,000 pages, have been reviewed.”
