Indian equity markets faced a sharp decline in early trade on Monday as investor sentiment soured following allegations by the Hindenburg Research against SEBI Chairperson Madhabi Puri Buch and her husband. The report, released on Saturday, accused Buch and her husband of having undisclosed investments in obscure offshore funds, raising concerns about potential regulatory and market implications.
'Sensex opens red today'
The 30-share BSE Sensex fell by 375.79 points, trading at 79,330.12, while the NSE Nifty dropped 108.25 points to 24,259.25. Among the 30 Sensex-listed companies, Adani Ports, NTPC, Power Grid, State Bank of India, ICICI Bank, and Titan were the biggest losers in early trading.
All ten Adani group stocks also suffered losses, with Adani Enterprises, Adani Green Energy, Adani Total Gas, and Adani Power experiencing significant declines.
'Attack on the credibility of SEBI'
Meanwhile, in response to the allegations by the report, Buch and her husband issued a statement condemning the report as an "attack on the credibility of SEBI" and dismissed the claims as an attempt at "character assassination." They firmly denied any wrongdoing and criticized the timing and intent of the report, which comes amid ongoing regulatory scrutiny of the Adani Group.
(With inputs from PTI)
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