Seven Adani stocks lose about $100 billion in m-cap in six days
Since January 24, the market-cap of seven listed Adani Group companies has fallen nearly $100 billion.
The group company stock, Adani Enterprises fell ₹561.75, or 26.39%, to ₹1,566.95 on February 2.
“While the overvaluation of the Adani stocks was not a surprise, the detailed allegations of fraud and market manipulation are pretty horrendous. There have been rumours about the same on social media last year, but the regulators never took a stand, and the allegations died down. At the same time, the Adani stocks continued to grow and even be included in the index,” said Sonam Srivastava- Founder and CEO at Wright Research.
“While the tug of war is still going on between Adani and Hindenburg, it is quite clear that Adani has had very little auditory supervision, almost no coverage by analysts and the regulator has not taken any steps to investigate their business processes or price actions. We hope that this situation gets clarified, regulators step up and any wrongdoing or lack thereof comes our clearly for all the capital market participants,” Srivastava added.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.