On 24 January 2023, US-based short seller Hindenburg Research published a report accusing the Adani Group of illegal parking of money in offshore accounts, stock manipulation and raising concerns about the conglomerate’s debt levels
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New Delhi: Leading exchanges National Stock Exchange (NSE) and Bombay Stock Exchange have announced that Adani Green Energy will be moved to the first stage of the long-term additional surveillance measure framework from April 10, as reported by PTI.
Adani Green Energy was previously placed under the second stage of the framework on March 28 by the exchanges. Both BSE and NSE put Adani Green Energy under the second stage of the long-term Additional Surveillance Measure (ASM) framework.
Adani Green Energy will continue in the framework but will be moved to respective lower stage ASM from April 10, the bourses said in two separate circulars.
For a security to be listed under the ASM framework, the parameters include high-low variation, client concentration, number of price band hits, close-to-close price variation and price earning ratio.
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On Thursday, all 10 Adani listed companies ended in green and some group firms also hit the upper circuit.
| Company | BSE | NSE |
| ACC | 1.36% | 1.42% |
| Adani Enterprises | 3.24% | 3.30% |
| Adani Green Energy | 5.00% | 5.00% |
| Adani Ports & SEZ | 0.83% | 0.76% |
| Adani Power | 1.10% | 1.10% |
| Adani Total Gas | 5.00% | 4.99% |
| Adani Transmission | 5.00% | 5.00% |
| Adani Wilmar | 3.34% | 3.09% |
| Ambuja Cement | 0.92% | 0.96% |
| NDTV | 4.99% | 5.00% |
On 24 January 2023, US-based short seller Hindenburg Research published a report accusing the Adani Group of illegal parking of money in offshore accounts, stock manipulation and raising concerns about the conglomerate’s debt levels.
Even though Adani Group has dismissed all allegations, the listed companies of the conglomerate faced an alarming level of sell off by investors.
Adani Group lost nearly $153 billion in market value following the publication of Hindenburg Research’s report on 24 January 2023.
During the bad times, US-based investment firm had GQG Partners had pumped in $3 billion into Adani Group companies.
Here’s how GQG Partners spread its investments in Adani Group:
- Adani Enterprises: $660 million
- Adani Ports & Special Economic Zone: $640 million
- Adani Transmission: $230 million
- Adani Green Energy: $340 million
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GQG Partners is currently the highest-profile champion of the the battered conglomerate. In a recent interview to Bloomberg this week, Rajiv Jain, the chief investment officer of GQG Partners, predicted a return in excess of 100 per cent for the investment he made in Adani Group.
“These could be multibaggers” over five years, Jain said in an interview at Bloomberg’s New York headquarters.
