Shares of Adani Group companies tumbled on Monday following new claims by Hindenburg Research linking SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch to an offshore fund associated with the Adani Group.
Adani Energy Solutions saw the biggest drop, plunging 17.06% to ₹915.70 before rebounding to ₹1,078. Other major falls included Adani Power, down 10.94% to ₹619, and Adani Total Gas, which dropped 13.39% to ₹753. Adani Enterprises and Adani Green Energy also faced declines of 5.27% and 6.96%, respectively.
The report alleged that the IPE Plus Fund, where Puri Buch was an investor, had ties with Adani entities. The Adani Group and SEBI have denied any wrongdoing, with the Adani Group describing the claims as a reputational attack and SEBI confirming that investments were based on personal connections, with no direct Adani securities involvement.
Analysts suggest the declines may be short-lived, with little long-term impact on Adani Group’s financials.
