BusinessMarketsAdani Selloff Causes Nifty 50 Index to Reach 3-Month Low

Adani Selloff Causes Nifty 50 Index to Reach 3-Month Low

The Indian stock market experienced a significant downturn on Friday, as the NSE Nifty 50 Index dropped to its lowest point since October 21st, largely due to a sharp decline in the value of Adani Group’s empire.

This decline, which resulted in a loss of $50 billion, was triggered by a scathing report issued by US short seller Hindenburg Research on January 24th.

Hindenburg Research’s report made wide-ranging allegations of corporate malpractice at companies controlled by Asia’s richest man, Gautam Adani, causing shares in Adani Enterprises Ltd., the flagship company of the Adani Group, to fall as much as 20%. Adani Ports and Special Economic Zone Ltd. also saw a significant decline, falling as much as 25%.

Graph Source: Google Finance

The Nifty 50 Index’s move signals a souring sentiment for Indian assets, as investors react to the report’s accusations. Adani Group’s companies are planning to release a detailed response to the report, which they have labeled as “bogus,” according to bondholders who participated in a conference call with Adani executives.

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Prachi Singh
Prachi Singh
I am a finance author based in India with 2 years of experience in fintech writing. I deeply understand the financial technology industry and its various sub-sectors, including digital payments, stock-market, digital lending, and blockchain. With a passion for researching and analyzing the latest trends and developments, I am well-versed in providing insightful and informative content for audiences interested in fintech. In addition to writing, I also have experience in consulting and speaking on fintech-related topics.


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