Adani stock rout costs India spot in world’s top five markets
1 min read . Updated: 31 Jan 2023, 07:27 PM IST
PremiumIndia’s slide to the sixth puts the gap with the UK, at seventh, at a little over $100 billion, according to data compiled by Bloomberg
A rout in shares of Adani conglomerate has cost India its spot among the world’s five biggest equity markets, as the south Asian country’s market capitalization dropped below France’s on Monday to $3.2 trillion.
India’s slide to the sixth puts the gap with the UK, at seventh, at a little over $100 billion, according to data compiled by Bloomberg that represents the combined value of companies with a primary listing in the respective country. With Adani group’s units having lost $75 billion as the slump entered its fourth session, India may slip further down the ranking should the drag persist., reported Bloomberg.
The Adani stocks rout continued in the market after Hindenburg Research released a damning report that flagged concerns around debt and the use of tax havens at the ports-to-energy conglomerate
Adani Transmission, Adani Total Gas, Adani Green Energy, Adani Power and Adani Wilmar fell between 5% and 20% , reported Reuters
Flagship Adani Enterprises, which is facing a crucial test this week with a follow-on share offering, swung between gains and losses before settling 4.8% higher. It stayed well below the offer price of the issue, which if successful will be largest such share offering ever in India, reported Reuters.
Gautam Adani has lost his position in the world's top 10 richest list and now stands at the 11th position with his net worth at $84.4 billion, as per the Bloomberg Billioniares Index.
Adani's ₹20,000 crore-share has been fully booked on Tuesday as investors pumped in funds after a tumultuous week for his group in which its stocks were pummeled by a scathing short-seller report.
The FPO saw 1.02x subscription , as per BSE data as of 3:10 pm, led by strong demand from NIIs, QIBs.
(with inputs from agencies)
