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Business News/ Markets / Stock Markets/  Adani Group's market cap now at 7 lakh crore; 9 group stocks in the red
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Adani Group's market cap now at ₹7 lakh crore; 9 group stocks in the red

Since the bombshell report, Adani Group's 10 listed stocks have been volatile and in a state of decline

Indian billionaire Gautam Adani. (REUTERS)Premium
Indian billionaire Gautam Adani. (REUTERS)

The selloff in billionaire Gautam Adani-led conglomerate's shares deepened on Monday as the group's total market capitalisation or m-cap is now at 7.15 lakh crore, down 63 per cent over 19.19 lakh crore as on 24 January amid a broader decline in the stock market.

Adani's empire, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US-based short-seller Hindenburg Research.

Since the bombshell report, the empire's 10 listed stocks have been volatile and in a state of decline.

 

Adani Group's flagship, Adani Enterprises Ltd has wiped off 2.46 lakh crore in m-cap. Adani Total Gas Limited has eroded 3.48 lakh crore in market value since late January; Adani Transmission and Adani Green Energy also lost 2.32 lakh crore and 2.29 lakh crore, respectively.

Among other stocks, Adani Power, Adani Ports and Ambuja Cements have lost 42,522 crore, 51,413 crore and 31,542 crore, respectively.

All about 10 Adani group stocks

Adani Enterprises declined 6.37 per cent to trade at 1,231.80 apiece at around 11 am. Shares of Adani Enterprises have lost 64 per cent of their value in a month.

Adani Group's cement unit, Ambuja Cements was trading 3.46 per cent lower at 333.30 apiece. Shares of Ambuja Cements have lost 33 per cent of their value in a month.

Adani Power and Adani Wilmar dropped nearly 5 per cent in Monday's trade. Shares of Adani Power and Adani Wilmar have lost 49 per cent and around 40 per cent of their value in a month, respectively.

Among other group shares, ACC Ltd were trading at 1,681.55 apiece, down 2.77 per cent. Shares of ACC have lost 28 per cent of their value in a month.

Adani Group's recent acquisition NDTV was trading 4.98 per cent lower at 181.20 per share on Monday. Shares of NDTV have lost 36 per cent of their value in a month.

Meanwhile, Adani Total Gas, Adani Transmission, Adani Green Energy were locked at their 5 per cent lower circuit limits.

Adani Ports was the only group stock that was trading in green. Shares of Adani Ports rose 0.41 percent to trade at 561.20 apiece.

Adani's comeback strategy

Adani Group is plotting a comeback strategy focused on addressing investor concerns around debt, consolidating operations and fighting off allegations with help of a top-shelf US crisis communication and legal teams.

About a dozen global banks will help host the investor meetings at Singapore’s Capitol Kempinski hotel Monday. The conglomerate backed by billionaire Gautam Adani will then hold meetings in Hong Kong at the Barclays Plc office on Tuesday and Wednesday. Due to attend are group chief financial officer Jugeshinder Singh and corporate finance head Anupam Misra.

Hindenburg claims the group has used a number of shell companies to inflate stock prices and flout shareholding rules, which require at least 25 per cent of listed companies to be held by the public. It also flagged debt-driven growth and the group being "deeply overleveraged".

On 27 January, Adani published a 413-page response, calling Hindenburg "the Madoffs of Manhattan", a reference to Ponzi schemer Bernard Madoff.

With agency inputs

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Published: 27 Feb 2023, 11:53 AM IST
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