BENGALURU: Indian shares fell to their lowest level in over a week on Wednesday, dragged by Adani group stocks after a short-seller raised fresh concerns about the group’s debt in a report that had a ripple effect across the market.
The Nifty 50 index closed 1.25 percent lower at 17,891.95, while the S&P BSE Sensex fell 1.27 percent to 60,205.06.
Stocks of the seven listed Adani group companies fell between 1.5 percent and 9 percent after Hindenburg, a well-known US short-seller, said in a report that key listed companies in the group controlled by billionaire Gautam Adani had “substantial debt”.
This has put the entire group on a “precarious financial footing”, the report said.
Adani Group refuted the allegations, terming them “baseless.” The flagship Adani Enterprises fell about 1.54 percent, while Adani Ports and Special Economic Zone dropped more than 6 percent.