On Monday, Adani Transmission dropped by 14.91%, Adani Green by 20%, Adani Total Gas by 20%, Adani Power by 5%, and Adani Wilmar by 5%.
Shares of Adani Group companies remained under pressure for the third straight session on Monday, with the majority of them witnessing a crash again, reported The Times of India.
According to a Reuters report, the deepening market rout has now led to losses worth $65 billion in the group’s stock values.
The current fall round follows a report by Hindenburg Research last week which flagged concerns about the conglomerate’s debt levels and the use of tax havens.
Benchmark BSE Sensex gyrated nearly 1,000 points intra-day before staging a brilliant comeback in late trades on selective buying.
Adani losses hits $65 billion.
Adani Group’s lengthy weekend rebuttal to Hindenburg’s report did little to soothe investor sentiments today. The 3-day selloff has now erased nearly $65 billion market value amid a share sale by Adani’s flagship that was meant to underline the tycoon’s ascension on the global stage.
While the Adani Group has portrayed Hindenburg’s allegations as baseless and an attack against India, the latter’s report revives longstanding investor concerns about the conglomerate’s corporate governance.
The saga also threatens to weaken broader confidence in India, until recently a top investment destination for Wall Street, and accelerate a nascent shift toward a reopening of China.
Our response to Adani: pic.twitter.com/6NcFKR8gEL
— Hindenburg Research (@HindenburgRes) January 26, 2023
On Monday, Hindenburg Research claimed that “Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself. We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future.”
Adani sell-off
A high-level inquiry is essential on the allegations levelled by Hindenburg Research against the Adani group, monitored on a day-to-day basis by the Supreme Court.
The Economy is in dire straits with a massive rise in inequality. pic.twitter.com/Gqc5KBJRHY— Sitaram Yechury (@SitaramYechury) January 30, 2023
The selloff is also fast eroding the wealth of Adani, Asia’s richest man, after his stocks were some of the best performers last year, not just in the local market but also on the broader MSCI Asia Pacific Index.
From being the 4th richest in the global billionaire rankings to Wednesday last week, Adani has dropped to 8th with a total net worth of $88.2 billion per the Forbes real-time billionaires list. However, the Bloomberg Billionaires Index shows Adani at the 7th spot with a wealth of $92.7 billion.
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