Indian shares tumbled on Wednesday due to selling pressure in Adani Group shares and financials.
The benchmark S&P/BSE Sensex ended the session down 773.69 points, or 1.27 percent, at 60,205.06 as lingering recession worries spurred caution ahead of the Republic Day holiday for markets on Thursday.
The broader NSE Nifty index settled 226.35 points, or 1.25 percent, lower at 17,891.95 amid the expiry of January series derivative contracts.
Adani Group shares led losses after an international research firm alleged in a report that the conglomerate is involved in ‘brazen stock manipulation and accounting fraud scheme’.
Adani Ports plunged 6.1 percent, Adani Transmission lost 8 percent and Adani Power plummeted 5 percent.
Adani Group’s Chief Financial Officer, Jugeshinder Singh has called the Hindenburg Research report malicious.
Other prominent losers included HDFC, HDFC Bank, IndusInd Bank, SBI, which fell 2-4 percent.
Sensex Slumps 774 Points; Nifty Ends Below 17,900
2023-01-25 10:40:01
