Adani Group shares plunge on short seller allegations

On Friday, the shares of Adani Group's listed companies fell, adding to their losses from Wednesday when U.S. short-seller Hindenburg Research launched a scathing attack on the conglomerate.

Adani Transmission Ltd tumbled 19.2 per cent and Adani Total Gas sank 19.1 per cent in their biggest daily drop since March 2020, while Adani Green Energy sank 15.8 per cent.

Adani Enterprises, which kicks off a $2.45 billion secondary share sale on Friday, dropped 6.2 per cent before paring some losses. The stock was down 2.2 per cent.

Shares in seven listed group companies of Adani lost $10.73 billion in market value in India on Wednesday after Hindenburg said it held short positions in Adani Group and flagged concerns about debt levels and the use of tax havens.

Bill Ackman, a billionaire U.S. investor, gave credence to the report, saying he found it highly credible and extremely well researched.