Adani Group shares fall heavily after Wikipedia's allegation, investors lose Rs 40,000 crore
After the report of American research firm Hindenburg, Wikipedia has made many big and serious allegations against Adani Group, due to which all the shares of Adani Group saw a decline today.
After January 24, the troubles of Adani Group are not taking the name of abatement. Even as the Hindenburg report did not subside, the allegation of Wikipedia's independent newspaper The Signpost has created a stir among investors, after which all the shares of Adani Group saw a big fall today. All 10 shares of billionaire Gautam Adani came under selling pressure, leading most to hit the lower circuit. Today, the market cap of Adani Group has decreased by Rs 8 lakh crore in just one day.
According to stock market experts, investors have lost Rs 40,000 crore due to the fall in Adani Group's shares today. Shares of Adani Enterprises, the flagship company of Adani Group, closed at Rs 1397, down 11.05%.
Adani Enterprises was the biggest loser with an 11.5% decline, followed by Adani Transmission, Adani Total Gas, Adani Wilmar, Adani Green, Adani Power, NDTV and ACC losing 5% each today. At the same time, the shares of Adani Ports and Ambuja Cement saw a decline of 6%.
Rohan Shah, head of technical research at Stocksbox, said that "Adani Group's market cap has come down by 70% from its high, which was around Rs 25 lakh crore, now it has become Rs 7.55 lakh crore."
On the previous day, Anderson, head of American short-selling firm Hindenburg Research, tweeted an article from the independent newspaper The Signpost of Wikipedia. It was alleged in that article that the Adani Group tampered with the entries made in Wikipedia through sock puppets. sock puppet wrote false and exaggerated things about Gautam Adani, his business, family.
A sock puppet is called a fake account active on the Internet, which creates public opinion in favour of a person or issue by using other platforms including blogs, Facebook, and Twitter.