Adani group maintains that among 88 questions that were raised by Hindenburg, 65 were related to the listed companies, six to media reports and rest were on family offices. The group CEO recently said that the Adani group had in the past given disclosures on all 65 questions that Hindenburg raised on January 24.
Within a month of its publication by what was an unknown short-seller to Indian investors then, many of Adani group stocks including Adani Total Gas, Adani Green Energy and Adani Transmission were trading at their multi-year lows, with the group losing over $145 billion in wealth, reported Market Today.
As per the Adani group, the Hindenburg report accusing the group of stock manipulation and accounting frauds was neither ‘independent’ nor ‘objective’ nor ‘well researched’. But that still managed to instill concerns among investors and pushed prices of Adani group stocks lower, so much so that Hindenburg’s fair value of 85 per cent for Adani group stocks on ‘fundamental basis’ is coming true.
As one month of Hindenburg report completes today, the group market capitalization (m-cap) is down Rs 11,99,256.66 crore (as per Friday’s intraday prices) at Rs 7,20,632 crore, just above the m-cap of IT major Infosys. This is against a group m-cap of Rs 19,19,888 crore on January 24.
Only two Adani stocks have now left with market cap of over Rs 1 lakh crore. This is against six Adani group stocks will m-cap of over Rs lakh crore as on January 24.
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Adani Total Gas has lost Rs 3.44 lakh crore in market value; adanient-share-price-366536″ target=”_blank”>Adani Enterprises has eroded Rs 2.38 lakh crore, Adani Transmission 2.28 lakh crore and Adani Green Energy Rs 2.26 lakh crore in m-cap.
On Friday, Adani Transmission hit its 5 per cent lower circuit limit at Rs 711.90. At this price, the stock was trading at its lowest levels since February 2021. Adani Total Gas was quoting near its March 2021 levels. This scrip hit its lower circuit limit at Rs 753.60 on Friday. This scrip ahs not gained even for a single trading day since January 20. Adani Green at its lower circuit at Rs 486.75 was trading at August-September 2020 lows.
Adani group maintains that among 88 questions that were raised by Hindenburg, 65 were related to the listed companies, six to media reports and rest were on family offices. The group CEO recently said that the Adani group had in the past given disclosures on all 65 questions that Hindenburg raised on January 24.
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