#Stockmarketcrash trends on Twitter as Adani stocks continue to fall after Hindenburg’s report
The stock market has been quite volatile since Wednesday after a report published by a US short-seller firm, Hindenburg Research
PUBLISHED DATE – 04:45 PM, SAT – 28 JANUARY 23
Hyderabad: Twitter has been flooded with hilarious memes as the stock market continues to witness a volatile session. The stock market has been quite volatile since Wednesday after a report published by a US short-seller firm, Hindenburg Research, alleged the Adani Group of “brazen stock manipulation and accounting fraud scheme over the course of decades”.
Adani Group shares have reportedly plunged massively for the past two consecutive days falling up to 20 per cent and losing over Rs 4.17 lakh crore from the combined market valuation of firms owned by the conglomerate. Meanwhile, Sensex reportedly took a dip of almost 874 points while Nifty 50 slipped below the 17,604.35 mark, down by 287.60 points, as of Friday.
The news obviously spread over social media platforms leading the internet to make hilarious memes out of the situation with netizens upholding the trend #stockmarketcrash on the micro-blogging site.
The investment research firm Hindenburg Research released a report alleging that the group has been engaged in “manipulation and accounting fraud”. The firm said the Adani Group has “substantial debt” and had an 85 per cent downside on their valuations.
Adani Group has already condemned and challenged the report by the US short seller. But the American firm has countered the Adani’s by challenging them to file a lawsuit in the US, as they want to get hold of further documents related to the investigation.
