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Business News/ Markets / Stock Markets/  Adani Group firms' valuation halves against 6% decline for top 500 companies: Report
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Adani Group firms' valuation halves against 6% decline for top 500 companies: Report

Adani Total Gas lost 73.8 per cent of its value, Adani Transmission saw a decline of 69.2 per cent, while Adani Green Energy was down by 54.7 per cent, said a report by Axis Bank's Burgundy Private and Hurun India.

Adani Total Gas lost 73.8 per cent of its value, Adani Transmission saw a decline of 69.2 per cent, while Adani Green Energy was down by 54.7 per cent (Bloomberg)Premium
Adani Total Gas lost 73.8 per cent of its value, Adani Transmission saw a decline of 69.2 per cent, while Adani Green Energy was down by 54.7 per cent (Bloomberg)

The valuation of Adani Group's eight companies more than halved in the six months to April 2023 against just a 6 per cent decline in the top 500 non-government companies, said news agency PTI quoting a report. Adani Total Gas lost 73.8 per cent of its value, Adani Transmission saw a decline of 69.2 per cent, while Adani Green Energy was down by 54.7 per cent, said a report by Axis Bank's Burgundy Private and Hurun India.

"The eight companies in the Adani Group have a combined value of 9.5 lakh crore and constitute 4.5 per cent of the total value of 500 top companies. The Adani Group companies in the review period decreased their value by 52 per cent or 10.25 lakh crore against a decline of just 6 per cent by the top 500 companies," the report said.

Also Read: Adani Group in talks for first major debt refinancing of up to $3.8 billion after Hindenburg row: Report

Adani Enterprises and Adani Total Gas also moved out of the top 10 most valuable firms during the period under review, the report said. The port-to-power conglomerate lost over 12 lakh crore in market value after US-based short-seller Hindenburg Research published allegations of stock market manipulation and other lapses against the group in January. The Gautam Adani-led group has denied any wrongdoing.

The report added that Reliance Industries was the most valuable Indian company at 16.3 lakh crore despite a 5.1 per cent decline, and was followed by Tata Consultancy Services at 11.8 lakh crore and HDFC Bank at 9.4 lakh crore.

The value of the top 500 companies decreased marginally by 6.4 per cent to 212 lakh crore from 227 lakh crore as on October 30, 2022. The top 500 companies underperformed when compared to benchmarks like the 30-share Sensex, which was flat during the six months.

The unlisted vaccine maker Serum Institute of India saw a 13 per cent decline in its valuation at 1.92 lakh crore during the period. Among the listed unicorns, the valuation of Nykaa, Zomato, Paytm and Policybazaar declined by 7,872 crore during the review period, said the report.

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Published: 20 Jun 2023, 07:38 PM IST
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