Adani Group, whose stock exchange valuation outperformed Mukesh Ambani’s Reliance and Ratan Tata’s TCS, has lost over 12 lakh crore in a month since the Hindenburg report alleging “brazen stock manipulation and accounting fraud” was published.
By end of trading hours on Friday, the m-cap of Adani securities remained around ₹7,15,986.97 crore on BSE. This represents a loss of more than ₹12 lakh crore from a market value of approximately ₹19.2 lakh crore on January 24, when Hindenburg report alleging financial fraud was published.
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Adani group’s market capitalisation is now 70% lower than its peak, Rohan Shah, head technical analyst at Stoxbox told LiveMint.
According to Shah, Adani Group’s market cap peaked at around 25 lakh crore. By the end of February 24, 2023, the market value of Adani shares has fallen by more than 71% from this level, thus, the losses exceed ₹17.8 lakh crore.
Gautam Adani’s conglomerate has been the subject of intense scrutiny since the publication of the report by American short-seller Hindenburg Research.
Gautam Adani individually experienced a decline in his wealth as his position on the list of the richest people in the world fell from 2 to outside the top 25. The Indian tycoon has dropped to the 26th and 29th positions on the Forbes and Bloomberg world billionaires lists, respectively, after his net worth plummeted to less than $45 billion on Wednesday.
To reassure nervous investors and markets, the Adani Group has denied any wrongdoing and hired legal and communications firms, in addition to paying off some of its massive debts.
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