Sensex shrugs off Hindenburg charge, Adani stocks dip

In volatile trades on Monday, the sensex closed a marginal 57-point lower at 79,649 points as investors on Dalal Street mostly discounted US short-seller Hindenburg Research’s report that alleged conflict of interest on part of Sebi chief Madhabi Puri Buch while investigating alleged wrongdoings by Adani Group.
While the latest Hindenburg report didn’t have much impact on the broader market, stock prices of some of Adani Group companies witnessed selling on Monday. However, the selling was not as sharp as during Jan Feb 2023, after the publication of Hindenburg’s first report that had alleged serious corporate malfeasance against Adani Group, which it has denied.
After Hindenburg released its report on Saturday, there was apprehension among investors that the market may react negatively to the report, just like it had done when the first report was published in Jan 2023. However, as some market veterans had reasoned that Hindenburg’s second report had no surprise element and hence unlikely to impact investor sentiment, the markets, after a negative start in the new week, recovered quickly.
On Monday, Adani Wilmar was the worst hit and closed 4.1% down, while flagship Adani Enterprises ended 1.1% lower.