In early trading on Monday, all ten Adani group stocks experienced a decline. Adani Energy witnessed a drastic 17% drop after US-based short-seller Hindenburg Research made allegations against SEBI chairperson Madhabi Puri Buch and her husband.
The allegations suggested that they had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani to round-trip funds and inflate stock prices.
Adani Energy Solutions plummeted 17%, Adani Total Gas fell 13.39%, NDTV plunged 11%, and Adani Power dropped 10.94% on the BSE.
Adani Green Energy's stocks declined by 6.96%, Adani Wilmar slumped by 6.49%, Adani Enterprises tumbled by 5.43%, Adani Ports dived by 4.95%, while Ambuja Cements and ACC dipped by 2.53% and 2.42% respectively.
The allegations from Hindenburg Research on Saturday targeted SEBI chairperson Madhabi Puri Buch and her husband. They accused them of having undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani—the elder brother of group chairman Gautam Adani—to round-trip funds and inflate stock prices.
Buch and her husband issued a statement calling Hindenburg's latest tirade an attack on SEBI's credibility and an attempted "character assassination."
In the equity market, the 30-share BSE Sensex tanked 479.78 points to 79,226.13, and the NSE Nifty dropped 155.4 points to 24,212.10.
Buch and her husband Dhaval Buch, in a joint statement on Sunday, said the investments were made in 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022, and in capacity as "private citizens living in Singapore". These funds became "dormant" during her appointment at SEBI.
"SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch was personally invested in and funds by the same sponsor, which were specifically highlighted in our original report. This is obviously a massive conflict of interest," Hindenburg said.
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