Adani shares plunge on US probe news

US is investigating Adani’s statements to investors, report said

- Ram Sahgal

Adani group shares plunged the most by value in four months after Bloomberg reported that US authorities, including the department of justice and the Securities and Exchange Commission (SEC), launched an investigation into the conglomerate’s statements to American investors following short-seller Hindenburg Research’s allegations against it.

The combined market value of 10 group companies fell by $5.9 billion to $119.5 billion, marking the steepest decline since 22 February, when it slid by $6.3 billion to $91.43 billion. Adani Enterprises and Adani Ports, both Nifty stocks, registered a 6.83% and 4.2% decrease, respectively, in response to the report. Other notable losers were Ambuja Cements, Adani Power, and Adani Transmission, which experienced declines ranging from 4.3% to 5.8%.