Official Sensex index values reported by the Bombay Stock Exchange (BSE)

Hindenburg Report Sparks 8.5 Lakh Crore Controversy, Raises Stock Market Concerns

Aug 11, 2024, 11:37 AM

The recent Hindenburg Research report has sparked a political and financial controversy in India, focusing on allegations against the Adani Group and the Securities and Exchange Board of India (SEBI). The Congress party has urged the government to eliminate conflicts of interest in SEBI's investigation into the Adani Group, following accusations of corruption amounting to 8.5 lakh crores. The Aam Aadmi Party (AAP) has called for the Supreme Court to take note of the allegations against SEBI's chief, Madhabi Buch. Meanwhile, BJP leaders, including Rajeev Chandrasekhar, have accused the opposition of colluding with Hindenburg Research. The controversy has raised concerns about the potential impact on India's stock markets, including the Sensex and Nifty indices, as well as Adani stocks. SEBI has advised investors to remain calm amidst these developments. Additionally, SEBI chief Madhabi Buch clarified that her investment in the IPE-Plus Fund was due to a personal connection and did not involve Adani stocks.