Adani Group loses ₹51,294.04 crore in investor wealth, shares drop by 60%
On Wednesday, the stocks of the Adani Group experienced a significant shock, resulting in the loss of ₹51,294.04 crore in investor wealth. As selling pressure increased, all 10 of the Adani Group’s listed firms collectively lost ₹11,62,030.29 crore in market valuation.
This fall was triggered by a report released by US-based short seller Hindenburg, which alleged fraudulent transactions and share-price manipulation by the Adani Group. Since the release of this report on January 24, Adani Group shares have lost 60% of their value.
The flagship entity of the Adani Group, Adani Enterprises Ltd, was among the major losers on the Nifty, with shares closing 11.05% lower at ₹1,397.50 apiece on the NSE. Many other Adani firms also hit their lower circuit in today’s trade. Adani Transmission, Adani Total Gas, Adani Wilmar, and Adani Green were all locked in their 5% lower circuit limits. Adani Power fell 5%, and NDTV also hit a lower circuit of 5%. Adani Ports and ACC fell 6% respectively.
Adani Group stocks add to bearish mood on D-Street
The fall in Adani Group stocks has also contributed to the bearish mood in the broader equity market. The BSE Sensex tanked 927.74 points to settle at 59,744.98, while the Nifty fell 272.40 points to 17,554.30. With Adani Enterprises losing the most at 11%, all 10 stocks of the Adani Group ended in the red.
On Tuesday, the combined market capitalisation of Adani Group companies stood at ₹8,09,182 crore. However, Wednesday’s loss in market capitalisation was at ₹3.9 lakh crore, as the market value of all listed companies on BSE dropped to ₹261.3 lakh crore. Adani Enterprises stood at the 27th spot with a market cap of ₹1,78,798 crore, while Adani Ports & SEZ stood at 37th spot with a market cap of ₹1,26,001 crore. Adani Total Gas, Adani Transmission, and Adani Green Energy stood at 49th, 53rd, and 54th spot respectively.
The Adani Group has dismissed all allegations made against it by Hindenburg as lies and has stated that it complies with all laws and disclosure requirements.
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