Seven listed Adani Group firms have an 85% downside on a fundamental basis due to extremely high valuations, as per the  Hindenburg Research research from January 24. Concerns regarding debt levels and the unauthorised usage of tax havens were raised by the report.

A large stock market drop that occurred shortly after the report's release reduced the market capitalization of Adani Group companies by roughly Rs. 1 lakh crore. 

The Adani Group companies lost money the following day when trading resumed, bringing the two-day market capitalization decline to Rs. 4 lakh crore.

Due to market turbulence, the conglomerate postponed a vital USD 2.5 billion stock offering, increasing its market losses to more than USD 100 billion and raising concerns about a potential systemic impact. As a result, on February 2, the price of Adani Group shares fell even further.

Between January 24, when the Hindenburg report was released, and February 3, the latest trading day thus far, there was a huge decline in the value of several Adani businesses.

On January 24, cement manufacturer ACC had revenue of Rs. 43,869 billion. By February 3, it had decreased 17.54% to Rs. 36,173 billion. The Conglomerate's flagship firm, Adani Enterprises, was valued at Rs. 3,92,474 crore on January 24. By February 3, it had decreased by 53.98% to Rs. 1,80,599 crore.

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