Adani Group stocks fell 5-20% on Friday, wiping out ₹3.19 trillion in investor wealth after Hindenburg Research said it stood by its findings of alleged share price manipulation and accounting fraud by the conglomerate.
The rout in Adani shares also impacted stocks of state-owned and private lenders with an exposure to the group, fuelling the fall in the benchmark indices, Nifty and Sensex, to three-month lows.
Adani Enterprises, the flagship of the Adani Group, dismissed the report as "unresearched" and "maliciously mischievous", which seeks to undermine the "goodwill and reputation of the Adani group and its leaders and sabotage the FPO (follow-on public offering) from Adani Enterprises," a day after its release on Thursday.
However, six of the 10 Adani group stocks hit the lower circuits before recouping some losses on Friday, while four that don't have price bands-Adani Enterprises, Adani Ports, Ambuja Cements and ACC-fell between 12% and 18%.
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