Adani vs Hindenburg rout gets messy! Just a day after the Union Budget 2023 and Credit Suisse's report, most Adani Group stocks have tanked more and hit lower circuit
What started as the Adani vs Hindenburg rout has only flamed more with the company witnessing massive reaction in the stock market. As per latest updates, most Adani Group stocks have hit a lower circuit after facing massive selling pressure for sixth straight trading session. This morning, as the markets opened, Adani Enterprises, Adani Transmission, Adani Green Energy and Adani Total Gas tanked close to 10 per cent around 9:30 am.
On Wednesday, as of last five trading sessions, all listed companies of the Adani Group experienced a massive selling spree in the markets. As markets closed yesterday, Sensex ended nearly flat due to Adani Group stocks crashing, even after zooming during the day on account of a fulfilling Union Budget 2023-24.
The crash in Adani Group stocks on Wednesday, primarily came on the backdrop of a report by the Swiss company Credit Suisse asserting that it had stopped accepting Adani Group's bonds as collateral against margin loans. Now, Citigroup has expressed similar disapproval of Adani entities, as the lending firm announced that it will stop accepting Adani securities as collateral for margin loans.