Adani Group stocks post worst day in two weeks as investors lose ₹40,000 crore

Post the release of US-based short seller Hindenburg’s bombshell report on 24 January, the shares of Adani Group shares have lost 60% of their value.

Adani Group’s flagship Adani Enterprises Ltd was one of the major losers on the Nifty. Shares of the ports-to-power conglomerate’s flagship entity closed 11.05 per cent lower at ₹1,397.50 apiece on the NSE.

Many of Adani firms also hit their lower circuit in today’s trade.

Four other Adani Group stocks – Adani Transmission, Adani Total Gas, Adani Wilmar, and Adani Green – were locked in their 5% lower circuit limits.

Shares of Adani Power fell 5%, and NDTV also hit a lower circuit of 5%. The stock of Adani Ports and ACC fell 6%, respectively.

Adani stocks fall among factors pulling the market down

The broader equity market also faced weak trend as the BSE Sensex tanked 927.74 points to settle at 59,744.98, while Nifty fell 272.40 points to 17,554.30.

The selling pressure in the Adani Group stocks have added to the bearish mood on D-Street. With Adani Enterprises losing the most at 11%, all 10 stocks of the Adani Group ended in the red.

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. The m-cap of Adani Enterprises stood at ₹1,78,798 crore, making it the 27th most valued stock on BSE.

Adani Ports & SEZ with a m-cap of ₹1,26,001 crore stood at 37th spot. Adani Total Gas, with a market cap of ₹96,657 crore, stood at 49th spot. Adani Transmission and Adani Green Energy stood at 53rd and 54th stop with m-caps of ₹92,613.78 crore and ₹89,917.60 crore, respectively, as of yesterday’s closing price.

On Tuesday, as many as 10 of Adani Group stocks commanded a combined m-cap of ₹8,09,182 crore. The combined m-cap of Adani group companies stood at ₹19.19 lakh crore as on 24 January.

The stocks of Adani Group have taken a beating on the exchanges after Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.