MARKET UPDATES ADANI: On Tuesday, February 14, 2023, Adani Enterprises is expected to release financial results for the third quarter of the current fiscal year that ended in December 2022 (Q3 FY23). 

Since the January 24 report by the US-based short-seller firm Hindenburg that accused the conglomerate of stock manipulation and improper use of offshore tax havens, which the group has repeatedly denied, and also calling off its 20,000 crore follow-on public offer (FPO), the Adani Group's flagship company has been in the spotlight.

Following a meltdown in its stock and bond prices brought on by short seller Hindenburg Research's allegations that the conglomerate engaged in stock manipulation and accounting fraud over a decades-long period, the company abruptly abandoned a record 20,000 crore share sale, a day after the FPO was fully subscribed.

Last Monday, the global index provider MSCI announced that it had decreased the free floats of Adani Enterprises, Adani Total Gas, Adani Transmission, and ACC but left the free floats of the other businesses unchanged.

After adding three Adani Group stocks to the short-term Additional Surveillance Measure (ASM) framework on February 3, the National Stock Exchange (NSE) has removed two Adani Group stocks viz. Adani Ports & Special Economic Zone and Ambuja Cements, from the ASM framework as of February 13. Adani Enterprises shares, however, are still covered under the framework.

In accordance with the collapse in the Group stocks, shares of Adani Enterprises have fallen more than 52% in the past month.

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