The total market capitalization of all 10-listed Adani Group companies tumbled to Rs 11.91 lakh crore on Thursday, which stood at Rs 14.24 lakh crore on Tuesday. It means the investors lost about Rs 2.32 lakh crore in the early session.
The Adani Group stocks have been under pressure in Thursday’s trade with most stocks seeing anywhere between 10-20% drop in share value. The top five Adani Group companies lost a market cap of Rs 1.67 lakh crore on Thursday when it stood at Rs 7.77 lakh crore. The top five companies include Adani Enterprises, Adani Wilmar, Adani Ports and SEZ, Adani Green Energy, and Adani Total Gas. Their combined market cap was Rs 9.43 lakh crore on November 19 and it has eroded to Rs 7.77 lakh crore now.
The group’s chairperson Gautam Adani and his nephew Sagar Adani along with six others were indicted by the US prosecutor in a bribery case of $265 million or Rs 2,029 crore.
The stocks did recover some ground after the Group issued a statement calling the allegations ‘baseless.’ “The spokesperson of Adani Group stated that the allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. As stated by the US Department of Justice itself, ‘the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.’ All possible legal recourse will be sought,” read an exchange filing of Adani Group.
Market cap of Adani Group companies on Nov 21: Decline from November 19 levels
Adani Enterprises: The Adani Group’s flagship company was the top loser on Nifty 50 and lost more than Rs 76,000 crore in market cap, down 30.5% from November 19 levels. Shares of Adani Enterprises were locked in the lower circuit twice during the early trading hours and closed at Rs 2,160, down 23.4%.
Adani Ports and SEZ: Another Adani Group company and a key loser on the indices, Adani Ports and SEZ lost Rs 38000 crores in market cap at the end of trade on November 21.
Adani Green Energy: The renewable power company in the Adani Group lost Rs 42,400 crore in market capitalisation on November 21 while it closed at a price of Rs 1,145.
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