Adani Enterprises Hire Wachtell In Its Battle Against Hindenburg

Gautam Adani-led conglomerate has now hired US legal firm Wachtell in its short-seller battle against US-based Hindenburg Research. The law firm is known to be fierce at activism defense and is the firm that represented Musk in the Twitter deal.

Adani Group company’s stocks have been volatile since the US-based research firm leveled allegations against Adani group in its report revealed on January 25. The conglomerate has now been on firefighting mode since that day. It’s much-awaited Rs. 20000 crores FPO is now withdrawn.

In the recent sessions, Adani group stocks have received heavy betting. The share price of Adani Enterprises dipped from Rs. 3442 to Rs 1955 a piece levels 12 sessions. Also shares of Adani Ports and SEZ has crashed from Rs. 761 to Rs.595 levels. Adani Green Energy share price decreased from Rs. 1917 to Rs. 725 apiece levels while Adani Power crashed from Rs. 275 to Rs. 164 apiece levels.

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