The group shed nearly Rs 53,000 crore in market value to Rs 7.55 lakh crore on Wednesday after its stocks dropped between 4% and 11%. The group’s flagship, Adani Enterprises, declined 11% to close at Rs 1,400.85, whereas Adani Ports fell 6.72% to end at `544. Adani Power, Adani Transmission, Adani Green Energy, Adani Wilmar, and Adani Total Gas, dropped 5% — the lowest tradable limit of the day.
Ambuja Cements and ACC fell 5% and 4%, respectively. The total market value of Adani Group had dropped below the $100 billion, or `8.27 lakh crore, on Tuesday.
Since January 25, when Hindenburg Research released its report on the Adani Group, the conglomerate has shed 61%, or Rs 11.65 lakh crore, in market-cap. The total market value of Adani Group was Rs 19.12 lakh crore on January 24. The group hit a peak market-cap of Rs 22.93 lakh crore on September 20, last year.
The rout in Adani Group shares has pushed its billionaire founder Gautam Adani down to 26th place from the third spot on the Forbes Real Time Billionaires Index. The business tycoon has lost nearly $85 billion of his net worth this year to $43.4 billion. In September 2022, Adani became the second richest person in the world, surpassing Amazon founder Jeff Bezos with a net worth of $147 billion. The Hindenburg report said Adani’s seven key listed companies have a downside of 85% purely on a fundamental basis owing to their sky-high valuations. Since then, Adani Total Gas has slumped 79% while Adani Green and Adani Transmission tumbled 72% each. Adani Enterprises plunged 60% during this period.
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