Mumbai: Triggered by a scathing report by US short-seller Hindenburg Research, Adani Group stocks continued the slide on Friday, eroding nearly Rs 2 lakh crore in valuation.
While Adani Total Gas plummeted 19.65 percent, Adani Transmission fell 19 percent, Adani Green Energy tumbled 15.50 percent, Adani Enterprises tanked 6.19 per cent on the BSE.
Earlier in the day, the sensex which was slumped over 700 pts on Wednesday, remained under pressure today too, as there was no trading on Thursday for ‘Republic Day’.
The BSE Sensex dropped 507.26 points below 60K at 59,697.80 in opening trade on weak global peers.
The Nifty too slid 134 pts at 17,757.50.
Though Adani Group has termed the report as a malicious combination of selective misinformation, Hindenburg Research has challenged the business conglomerate to file lawsuit in the US from where the short seller operates.
“The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts,” Adani Group has said.
“Regarding the company’s threats of legal action, to be clear, we would welcome it. We fully stand by our report and believe any legal action taken against us would be meritless,” Hindenburg had said in its statement posted on its Twitter handle.
“If Adani is serious, it should also file suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process,” the US firm further said.