Finance

Adani Stocks Tumble Amid Hindenburg-SEBI Conflict Allegations

Aug 12, 2024 1 min read

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Adani Group stocks experienced a decline of 2-7% following allegations by U.S. short-seller Hindenburg Research that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had interests in offshore funds linked to the Adani Group. The report suggested these offshore funds, based in Bermuda and Mauritius, were allegedly used by Vinod Adani, Gautam Adani's brother, to trade significant shares in the conglomerate. The Securities and Exchange Board of India (SEBI) responded by urging investors to remain calm and assured that Madhabi Puri Buch had made all necessary disclosures, denying any conflict of interest.

The allegations have led to calls for a Joint Parliamentary Committee probe by Rahul Gandhi and demands for the resignation of the SEBI chief from the Congress party. Despite the recent drop in share prices, which avoided a more severe market crash reminiscent of a previous $150 billion wipeout in Adani's market cap, the broader Indian stock market also felt the impact, with indices like the Nifty 50 and BSE Sensex 30 losing about 0.4%. Both Madhabi and Dhaval Buch have refuted any wrongdoing, stating their investments were made while they were private citizens and have been fully disclosed.

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