Adani Enterprises Stock Plummets 11% Following Wikipedia Controversy

Adani Enterprises Stock Plummets 11% Following Wikipedia Controversy

Adani Group Stocks Plunge After Wikipedia Editors Accuse Employees of Manipulating Entries

Shares of Adani Enterprises stocks experienced a significant decline in Wednesday’s trading session following accusations from Wikipedia editors that Adani Group employees had manipulated Wikipedia entries to promote non-neutral public relations versions.

The flagship Adani Enterprises’ stock fell by 11.43 per cent to ₹1,391.55 per share on the NSE around 12:40 pm. Many other Adani Group companies also hit their lower circuit limits in today’s trading.

Adani Power, Adani Transmission, Adani Total Gas, Ambuja Cements, Adani Green Energy, Adani Wilmar, NDTV, Adani Ports, and ACC all saw their stock prices decrease between 4.55 per cent and 5.77 per cent.

According to a recent article on The Signpost run by Wikipedia, over 40 banned or blocked sock puppets or undeclared paid editors created or revised nine related articles on the Adani family and family businesses. Many of them added non-neutral material or puffery, and a declared paid editor completely rewrote the Adani Group article using a company IP address.

Since January 2023, the group stocks have been under intense scrutiny after US-based short seller Hindenburg Research made allegations against it, including fraudulent transactions and share-price manipulation. The Adani Group has rejected the claims as baseless.

In the meantime, the broader equity market also experienced a weak trend as the BSE Sensex fell by 596.95 points or 0.98 per cent to 60,075.77 in morning trade. The Sensex and Nifty both have lost approximately 0.9 per cent and 2.14 per cent, respectively, in 2023.

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