Adani stocks sink Indian shares by over 1%

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 NIFTY closed 1.25% lower at 17,891.95, while the S&P BSE Sensex SENSEX fell 1.27% to 60,205.06.

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 ADANIENT fell about 1.54%, while Adani Ports and Special Economic Zone ADANIPORTS dropped more than 6%. Adani Ports was the top loser on the benchmark Nifty index on Wednesday.

Adani-owned cement firms ACC and Ambuja Cements fell 7.28% and 7.77%, respectively.