Adani stocks lose over Rs 1 lakh crore in a day

Mar13,2024


Mumbai: Days when Sensex registered its second biggest fall Market capitalization, adani stock The group's biggest single-season watch wealth erosion The last payment of Rs 1.1 lakh crore was due on February 2, 2023, a week after the US-based. Short-seller Hindenburg Published its report on the group.

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At the close of trading on Wednesday, the total market capitalization was 11 Adani Group Companies It stood at Rs 14.7 lakh crore, up from Rs 15.8 lakh crore a day earlier, official data showed. Stock prices of all Adani group companies closed sharply lower, with Adani Total Gas the biggest loser, closing down 9.5%. Market players did not give any specific reason for the sharp selloff in Adani Group shares other than the general market decline. day, mainly due to fears of massive overvaluation in mid- and small-cap stocks and profit-booking that started last week.
Adani Green Energy suffered the biggest loss in market capitalization among Adani group companies. As the stock closed 9.1% lower, it lost about Rs 27,300 crore in market cap. It was followed by group flagship Adani Enterprises, whose market value declined by about Rs 24,600 crore.
The smallest loss in market cap was recorded by Sanghi Industries – at a market cap of Rs 2,815 crore at Tuesday's close, it lost Rs 257 crore during the day.
At the end of January 2023, Adani Group shares, which totaled 10 at the time, faced a five-week long selloff following the Hindenburg report. The shortseller had accused the group of corporate misconduct, which the group has rejected. From a high of Rs 19.2 lakh crore on January 24, the day the report was published, the group's market cap had declined to Rs 6.8 lakh crore by February 27 that year. Since then, barring a few odd days of loss, the group's market value has more than doubled.



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