Two days after a tweet by business journalist Sucheta Dalal Adani shares plunged by a margin of 25 percent, a first for the Group in a decade reports say. The 59-year-old, prominent for uncovering high-profile financial scams including the 1992 Harshad Mehta one, trended on Twitter Monday as netizens linked her tweet to the stock market action.
On June 12, Dalal Another scandal hard to prove outside the black box of information available with SEBI tracking systems is the return of an operator of the past who is relentlessly rigging prices of one group. All through foreign entities! His speciality & that of a former FM. Nothing changes!
— Sucheta Dalal (@suchetadalal) June 12, 2021 "Another scandal hard to prove outside the black box of information available with SEBI tracking systems is the return of an operator of the past who is relentlessly rigging prices of one group. All through foreign entities! His speciality & that of a former FM. Nothing changes!"
Though the senior journalist refrained from taking any names in her comment, Twitter users are highlighting it as a possible presage to the fall in Adani stocks. More here.
See her tweet here:
After Tweet By Sucheta Dalal Adani Shares Affected? Twitter Debates
Since Dalal is notable for successfully reporting on past stock market scams, her tweet has raised eyebrows with regard to Adani's stocks.
On Monday, Adani shares fell after National Securities Depository Limited (NSDL) froze the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund - three foreign funds that hold top stakes in Adani. While some reports said reasons behind freezing the accounts are unclear as of now, the Economic Times quoting sources reasoned it could be because of insufficient disclosure of ownership.
The funds were reportedly frozen as far back as May 31 (or earlier) but Adani stocks hit lower circuits in June, after Dalal's tweet, netizens claim. Some have demanded a deeper probe into Dalal's cryptic tweet about the prices of one group being rigged.
Many are dubbing her India's Elon Musk for allegedly affecting stock value with a single tweet, as the Tesla magnate has done several times with Dogecoin. Expectedly, a memefest has kicked off:
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