Adani group shares fell for a second straight day on Friday amid concerns raised by key institutional investors and Life Insurance Corporation over the allegations of accounting fraud and share manipulation labelled by a the US-based short seller Hindenburg Research.

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LIC on Thursday said it will soon meet the top management of the Adani Group to seek clarification over the allegation labelled by the US-based Hindenburg Research.

The opposition parties have also criticised the LIC investment in Adani group companies.

Adani group flagship firm Adani Enterprises plunged more than eight percent to Rs 1,765.00 in early trade. The stock traded at lower circuit on Thursday before closing sharply down by 10 percent at Rs 1,927.30, cutting short its two day recovery.

The slide continued even as Adani group shares escaped removal from MSCI Inc. indexes. Index provider MSCI, however, said it has cut the free-float designations of four securities of Adani group, a move which analysts have warned could impact their index weightings, as reported by Reuters.

On Friday, the Financial Times reported that Gautam Adani-led conglomerate has hired defence law firm Wachtell, Lipton, Rosen and Katz in the legal battle against Hindenburg. Wachtell is one the the most expensive law firms in the US.

Adani Ports & SEZ traded marginally higher by 0.37 percent at Rs 584.20 on BSE.

Adani Total Gas dropped by 5 percent to Rs 1258.25 even as it reported a 13 percent increase in net profit on higher sales. Its revenue rose to Rs 1,186 crore in Q3 of FY23 from Rs 932 crore a year ago.

Adani Power declined by 4.97 percent to Rs 164.30, Adani Transmission by 5 percent to Rs 1,186.15, Adani Green Energy by 4.39 percent to Rs 728.50.

Adani Wilmar shares declined by 2.24 percent to Rs 430.45 after reports that the Himachal Pradesh Excise and Taxation Department inspected records and checked the stock at the Adani Wilmar warehouse in Parwanoo for possible GST violations by the company.

Adani group’s cement stocks were mixed as Ambuja Cement gained 0.17 percent to Rs 358.60 while ACC declined by 1.49 percent to Rs 1,887.85.

First Published:Feb 10, 2023 10:01 AM IST