• Source:JND
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Hindenburg Allegations: US-based short seller Hindenburg Research has accused SEBI Chairman Madhavi Puri Buch and her husband Dhaval Buch of allegedly having an investment in an offshore company of Gautam Adani's brother. After the development, selling pressure erupted in all of Adani Group's listed stocks on Monday.

However, the market did not react strongly to the allegations. Sebi and the Adani Group swiftly responded, dismissing the claims as baseless. Additionally, investors have not reacted in a hurry over the report. Industry experts also discredited the allegations aimed at influencing Indian financial markets.

Adani Group stocks

At around 11:30 am, 10 stocks of the Adani Group were trading in the red.

- Adani Total Gas led the losses with a drop of 4.9%,
- Adani Enterprises- The stock was trading at 3,137, down by 1.5 percent.
- Adani Power- The shares were trading at Rs 683.20/per share with a decline of 1.75%
- Adani Green Energy- The share price of Adani Green Energy tumbled over 1.2%
- Adani Energy Solutions- The stocks were trading with a 3.15 percent loss at Rs 1,069/ share.
- Adani Wilmar- The share price was tumbled over 2 percent.
- Adani Ports & SEZ- The share price of Adani Ports fell over 1.5 percent and the stock was trading at Rs 1,511.25/ share
- ACC, Ambuja Cements- Acc cement was down 1 percent. However, Ambuja cement was trading in green.
- NDTV - The shares of NDTV were trading at 203.59, down by 2.2 percent.

Also read: Stock Market: Sensex, Nifty Fall In Early Trade; Adani Group Stocks Tumble On Hindenburg Report

Hindenburg's previous allegations

Hindenburg previously released a report accusing the Adani Group of running "the biggest con in corporate history." The report reveals a network of offshore shell entities primarily based in Mauritius, which are used for undisclosed related party transactions and stock manipulation. Despite overwhelming evidence, Sebi has not taken any public action against the Adani Group, which Hindenburg criticized for failing to enforce regulatory oversight.

In June 2024, Sebi issued a 'show cause' notice to Hindenburg, instead of disputing the findings of Hindenburg's original analysis, claiming that the information disclosed by Hindenburg about its short position was inadequate. Sebi also called Hindenburg's report "reckless" for quoting banned brokers who alleged Sebi's awareness and participation in schemes like the Adani scam.

Hindenburg's present allegations

Hindenburg report claimed that Sebi's reluctance to take action against the Adani Group could be attributed to its chairman, Madhavi Bucher.

The report details that Madhavi and Dhaval Buch had invested in the Global Dynamic Opportunities Fund (GDOF) and IPE Plus Fund, offshore entities linked to Vinod Adani.

Also Read: Hindenburg Fires Fresh Salvo At Buch, Highlights 'Important Admissions' In Sebi Chief’s Response