PrashantNews
The Indian stock market on Monday lost 400 points as Adani Group stocks were down 2-6 percent in the early morning trade in view of the new Hindenburg report which accused SEBI chief Madhabi Puri Buch of having stakes in offshore funds linked to the conglomerate.
The market turned red and was down more than 400 points with shares like Adani Ports dragging the market in the Sensex group.
In the broader market, Adani Group shares like Adani Enterprises and Adani Power were also down 4-5 percent at 10 AM.
However, some top stocks like Tata Motors and JSW Steel were looking strong in the morning trade. Voltas and RVNL were 7 to 5 percent up respectively.
Leader of the opposition Rahul Gandhi (Congress) on Sunday raised concern over the Hindenburg report and asked the Supreme Court to take its cognizance.
On the other hand, BJP accused the Congress of trying to create financial instability in India in view of the robust economic growth under the leadership of Prime Minister Narendra Modi.
Buch has also denied the allegations in the Hindenburg report.