Month after Hindenburg’s bombshell report, Adani stocks in shambles; group loses over ₹12 lakh cr m-cap
A month after Hindeburg’s bombshell report, Adani Group has lost over ₹12 lakh crore market value on Friday. From the peak level, the losses are even heftier. On January 24, 2023, the Adani Group held the alpha seat on stock exchanges with a market valuation of over ₹19 lakh crore, outrunning Mukesh Ambani’s Reliance and Ratan Tata’s TCS. The Gautam Adani-backed conglomerate was the star and everyone wanted a taste of it. But the same day, the US-based short seller Hindeburg’s bombshell report sparked a wildfire for Adani stocks.
Adani’s shares are in shambles a month after the short seller’s critical report. In a month, Adani has seen it all, from the good old days to enter a phase of eye-blotching losses. Majority of Adani stocks have hit back-to-back lower circuits or fresh 1-year lows.
By end of market hours on Friday, the m-cap of Adani securities was around ₹7,15,986.97 crore on BSE. This would be a loss of over ₹12 lakh crore from a market valuation of around ₹19.2 lakh crore which was seen on January 24.
Earlier this week, Rohan Shah-head technical analyst at Stoxbox said, Adani group’s market capitalisation is now down 70% from its peak.
As per Shah, the peak level of Adani Group’s market cap was around ₹25 lakh crore.
From this level, Adani shares market value has dipped by over 71% by end of February 24, 2023. In value terms, the losses are over ₹17.8 lakh crore.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Download Finplay News App to get Daily Market Updates.
More
Less
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.