Adani-Hindenburg Saga: Adani group stocks a mixed bag; Adani Ent continues to rise, ACC edges higher ahead of Q3 results

Adani group shares news: Volatility persisted in Adani group stocks for the fourth session in a row on Tuesday, after a report by US-based Hindenburg Research alleged the Indian conglomerate for stock manipulation and accounting fraud and flagged concerns about its debt levels.

The Adani group — led by billionaire Gautam Adani — dismissed the Hindenburg report as baseless, issued a detailed response, and said it has already made necessary regulatory disclosures in compliance with laws.

Also Read: Hindenburg research report on Adani: Know the man who rattled Asia's richest man and Indian stock market; Hindenburg's past targets and more

Adani Enterprises is pushing ahead with a Rs 20,000-crore follow-on-public offer (FPO), which entered a third day of subscription on Tuesday. The Adani FPO managed an overall subscription of three per cent subscribed around three per cent in the first two days of bidding.

Adani Enterprises has expressed confidence that the FPO of its flagship firm will sail through despite the massive hammering of the group stocks.

Most stocks of the Adani group succumbed to selling pressure on Tuesday. Adani Enterprises (ADANIENT) and Adani Transmission (ADANITRANS) bucked the trend, with gains of 4.9 per cent at Rs 3,020 apiece and 3.5 per cent at Rs 1,770 on BSE respectively.

Also Watch- Editor's Take: Bloodbath In Adani Group Stocks Spoil The Mood Of The Market? Anil Singhvi Shares Important Tips For Traders

Adani Total Gas (ATGL), Adani Green Energy (ADANIGREEN), Adani Ports (ADANIPORTS), and Adani Wilmar (AWL) traded up to 10 per cent lower in mid-morning deals on BSE.

Adani Ports (ADANIPORTS) and Adani Power (ADANIPOWER) were locked in the five per cent lower circuit.

In the recent market rout, Adani Total Gas has taken the maximum beating.

Among other companies under the ambit of the Adani group, cement stocks ACC and Ambuja held on to the green, with gains of three per cent at Rs 1,961.7 apiece and 4.5 per cent at Rs 404.9 apiece on BSE respectively.

Also Read: Adani-Hindenburg Saga: Zee Business unravels Gautam Adani group's exposure to banks, financial institutions

Cement major ACC is scheduled to announce its financial results for the October-December period later in the day.

According to Zee Business research, the company is estimated to report a profit of Rs 174.3 crore, down 37.8 per cent year-on-year and the similar impact is likely seen on margins – down 520 basis points to 7.9 per cent from 13.1 per cent YoY in the third quarter of the current fiscal.

The revenue of ACC Ltd is likely to surge by 7.5 per cent to Rs 4541.9 crore in the December quarter against Rs 4,226 crore in the same quarter a year-ago, as per Zee Business research.