New Delhi: In the last seven trading sessions, the market cap of Adani Group has decreased by nine lakh crores. The total market cap of Adani Group was 19.2 lakh crore on 24 January 2023, then after the business session of 3 February, it was reduced to just 10 lakh crore.
Adani Group has 10 companies listed on Dalal Street. These companies are Adani Power, Adani Total Gas, Adani Wilmar, Adani Green, Adani Transmission, Adani Ports, Adani Enterprises, Ambuja Cements, ACC, and NDTV. Since the Hindenburg report became public, the shares of these companies have so far fallen by almost 50 percent.
Adani Total Gas shares slipped the most
In the last seven trading sessions, shares of Adani Total Gas were the most beaten. The shares of the company fell 51% from Rs 3885.45 to Rs 1901.65. Shares of Adani Green Energy have registered a decline of 40%. Shares of the group’s flagship company Adani Enterprises have broken up to 38%. Adani Transmission slipped up to 37%. Shares of Adani Ports and SEZ have registered a decline of 35%. Shares of Ambuja Cements have registered a decline of 33%. Adani Wilmar shares have plunged up to 23%. Shares of Adani Power, ACC, and NDTV have lost up to 22.5%, 21%, and 17% respectively.
Adani Enterprises shares recover after sliding in early trade on Friday
On Friday (February 3), the last trading day of the week, Adani Enterprises shares fell 35% in early trade. The weakness in the company’s shares came after S&P Dow Jones said Adani Enterprises shares would be removed from its sustainability index from February 7. However, the company’s shares on BSE finally managed to close with a gain of one percent.
S&P Dow Jones informed on Thursday that the index has decided to remove the group’s shares from its stability index in view of the continued volatility in its shares following ongoing media reports regarding Adani Group. This decision will be taken from February 7.
After the Hindenburg report, Adani Group’s shares are under continuous pressure
Shares of Adani Group are in turmoil in the stock market after Hindenburg’s report came out public which claimed massive manipulation and fraud in the group’s accounts. The Hindenburg report claimed that Adani Group shares are likely to fall by up to 85 percent on a fundamental basis. This is because of the skyrocketing valuation of the company. The report has made serious allegations of manipulation of accounts, rigging of stocks, and money laundering on the Adani Group over the past several decades.
Adani Group has denied Hindenburg’s allegations
On the other hand, the Adani Group has denied what has been said in the Hindenburg report, saying that the report has not been done properly and the report has been prepared by copy-pasting the company’s announcements. In its 400-page reply, the Gautam Adani-led group has called all Hindenburg’s allegations fallacious.
