New Delhi: The Dalal Street once again saw major turbulence on first day of the week, with Adani Group stocks leading the downtrend. Stock markets opened in red, with benchmark indices Sensex dropping to about 500 points.
The bloodbath & turmoil in Adani Group stocks continue as the beleaguered company stocks crashed almost upto 10%. The free-fall in the shares of embattled Adani comes, after almost 8 days of the explosive report by US-based Hindenburg Research.
Out of 10 Adani stocks, about 6 of them were trading at their lower circuit including Adani Enterprises, Adani Green & more. Only Adani Ports was seen making a moderate rise.
Adani Transmission was the biggest loser as it recorded a big low of 10% while Adani Enterprises, whose proposed FPO was to hit markets this week, also slipped about 7.5%.
According to market analysts, the accumulated loss in all the Adani Group stocks stood at a whopping Rs 50,000 crore. The business behemoth saw its market capitalisation dropping to new lows and breaching Rs 9.50 lakh crore mark.
Rs 10 lakh crore loss till date
sebi on adaniEver since Hindenburg’s sensational report, the company’s m-cap & valuation has seen a sharp decline. In 8 consecutive sessions, the company has lost about Rs 10 lakh crore.
Due to high volatility & market turbulence, Adani Enterprises was also forced to defer its Rs 20,000 FPO. The company had ambitious plans to raise about $500 million via international bonds under the IPO.
To calm down the tempers & assuage the concerns of investors, billionaire Gautam Adani himself made a public statement but that failed to contain the free-fall in its stocks.
A day ago, Finance Minister Nirmala Sitharaman rubbished allegations of ‘state support’ to the embattled group and said that SEBI is taking adequate measures to address excess volatility in the markets.