Shares of the conglomerate’s flagship entity Adani Enterprises declined 7% to close at ₹1,603, while Adani Port declined 5.2% to close at ₹596.4. ACC, Ambuja Cements, and NDTV fell 4% each. Adani Power, Adani Transmission, Adani Green, Adani Wilmar, and Adani Total Gas dropped 5% – the lowest tradable limit for the day. The group lost nearly ₹49,400 crore in market capitalisation on Tuesday.
Since March 2, when GQG put money into Adani Enterprises, Adani Ports, Adani Total Gas and Adani Green Energy, most of the conglomerate’s stocks had rebounded, cutting losses triggered by the Hindenburg report which was released on January 25. But in the past week, these stocks have weakened again, possibly due to negative news flow.
The Adani Group has lost a total of over ₹10.31 lakh crore in market cap since the release of the Hindenburg report alleging the group has engaged in ‘brazen stock manipulation’ and ‘accounting fraud scheme.’
The group has strongly denied the allegation.
