Adani Group stocks continue to decline; tank 20 pc of Adani Total Gas, Adani Transmission, Adani Green
By Team Newsable | First Published Jan 27, 2023, 8:10 PM ISTAdani Ports and Special Economic Zone also fell 16.03 percent while Adani Wilmar dipped to 5 percent and Adani Power declined 5 percent. Ambuja Cements tanked 17.16 percent and ACC fell 13.04 percent.
Adani group stocks on Friday (January 27) took a beating for a second straight session, falling up to 20 percent and losing over Rs 4.17 lakh crore from the combined market valuation of listed firms after the US-based investment research firm Hindenburg Research made damaging allegations.
Shares of Adani Total Gas plummeted 20 percent, Adani Transmission tumbled 19.99 percent, Adani Green Energy plunged 19.99 percent and Adani Enterprises tanked 18.52 percent on the BSE.
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Adani Ports and Special Economic Zone also fell 16.03 percent while Adani Wilmar dipped to 5 percent and Adani Power declined 5 percent. Ambuja Cements tanked 17.16 percent and ACC fell 13.04 percent.
In the broader market, the 30-share BSE benchmark tumbled 874.16 points or 1.45 percent to settle at 59,330.90. In two days, the Adani group firms have lost a whopping Rs 4,17,824.79 crore from their market valuation.
The market valuation of Adani Total Gas plummeted Rs 1,04,580.93 crore, while that of Adani Transmission eroded by Rs 83,265.95 crore. Adani Enterprises market capitalisation (mcap) fell by Rs 77,588.47 crore, Adani Green Energy lost Rs 67,962.91 crore and Adani Ports (Rs 35,048.25 crore).
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The market valuation of Ambuja Cements declined by Rs 23,311.47 crore, Adani Power by Rs 10,317.31 crore, ACC by Rs 8,490.8 crore and Adani Wilmar by Rs 7,258.7 crore. The sharp slump in the Indian market was triggered by an unfavourable research report on Adani group companies.
This is also affecting the banking stocks, especially PSU banks due to their high exposure to the group, Vinod Nair, Head of Research at Geojit Financial Services, said.
In a statement, Adani Group's lead head Jatin Jalundhwala said, "The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023, has adversely affected the Adani Group, our shareholders and investors. The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens."
(With inputs from PTI)
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