Adani stocks' market valuation continue to fall below Rs10-La-Cr, Here is why
Adani stocks' market valuation continue to fall below Rs10-La-Cr, Here is why
Share:

The week-long stock rout in Gautam Adani Group continued on Friday with stocks extending their decliens as the crisis shockwaves spread, triggered by the report from the US-based short seller Hindenburg. 

Adani Group stocks all fell in early trade with their market capitalisation falling below Rs10 lakh crore, or more than half of their combined value since January 24. The Group stocks market valuation was above Rs16 lakh crore before the research report.

After the S&P Dow Jones Indices announced on Thursday that it would remove shares of Adani Enterprises from popular sustainability indices, effective February 7, the stock fell by about 25%, experiencing its biggest intraday decline ever. This would make the shares less appealing to sustainability-minded funds.

Adani Transmission and Adani Green Energy both experienced declines of 10%, while Adani Ports and Special Economic Zone fell by 14%. Adani Total Gas, a joint venture (JV) with TotalEnergies SE of France, had a 5% decline.

The stock decline accelerated after the National Stock Exchange (NSE) on Thursday imposed stricter regulations on three equities belonging to the Adani group: Adani Enterprises, Adani Ports, and Ambuja Cements.

Adani Enterprises shares have dropped almost 61% in the last five trading days, while those of Adani Ports and Transmission fell 35% and 21%, respectively.

NSE puts 3 Adani stocks under ASM to curb short selling

ADANI issue likely to rock Parliament proceedings for 2nd day

Adani Enterprises withdraws RHP, cancels deals with several parties

 

Join NewsTrack Whatsapp group
Related News