Founded by Gautam Adani, Adani Enterprises Limited is part of the famous and leading Adani Group.
Recently Mr. Adani lost his title as Asia’s richest man because a Hindenburg research last week reported their stock manipulations on part of the enterprise.
The company suffered a huge loss because of this, its share price dropping down to Rs. 2230.45 after seeing a 25% downfall just today. The Adani group denied these allegations but the share buyers were motivated by recent news and information and thought it better not the buy the shares of this company, or invest in it until any official, substantial information reached them.
This scandal with Adani Enterprises and the other expansions of the Adani Group also suffered a hit. While Adani Enterprises fell 20%, Adani Power fell by 5%, Adani Total Gas fell by 10%, and almost every other company working under the Adani group fell by at least 6% and more. Market and share analysts advise investors to invest cautiously.