• Source:JND
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Equity benchmarks Sensex and Nifty declined in early trade on Monday as investors remained cautious ahead of a US short seller Hindenburg Research’s report on undisclosed investments made by Sebi chairman and her husband in unlisted offshore funds in Bermuda and Mauritius.
The 30-share BSE Sensex was down 375.79 points or 0.47 percent at 79,330.12, while the broader NSE Nifty fell 108.25 points or 0.44 percent to 24,259.25.

Adani Group stocks

Adani Ports, State Bank of India,  Power Grid, ICICI Bank, NTPC, and Titan were the top laggards on the Sensex. All 10 Adani Group stocks declined in the early deals with Adani Enterprises, Adani Green Energy, Adani Total Gas, and Adani Power falling sharply.

On Saturday, US short-seller Hindenburg Research alleged that Sebi chairman Madhavi Puri Buch and her husband had made undisclosed investments in unlisted offshore funds in Bermuda and Mauritius, which entities of Vinod Adani — the elder brother of group chairman Gautam Adani — allegedly used to round trip funds and inflate stock prices.

Also Read: Reliance Lays Off 42,000 Employees In Major Workforce Reduction In FY-24; Anupam Mittal Terms It 'Alarming'

Buch and her husband issued a statement calling Hindenburg Research’s recent report an attack on SEBI’s credibility and an attempt at "character assassination."

Asian Paints, Tata Motors, JSW Steel,  and Maruti were among the gainers in the blue-chip pack. On the macro front, the rupee rose 20 paise to 76.26 against the US dollar in early trade. Asian shares were mixed with Seoul and Hong Kong trading in the positive territory, while Shanghai declined. US markets ended higher on Friday.

Foreign institutional investors turned net buyers after offloading equities on Friday. They purchased shares worth Rs 406.72 crore, as per exchange data. Brent crude, the global benchmark, rose 0.10 percent to US$79.74 per barrel.

The BSE benchmark declined 819.69 points or 1.04 percent to 79,705.91 on Friday. The NSE Nifty rose 250.50 points or 1.04 percent to 24,367.50.

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

(With PTI's Input)