Adani Group’s m-cap falls below Rs 7 lakh cr, shares continue to bleed

New Delhi: As the market opened on Monday for trade, the market capitalisation (m-cap) of 10 of Adani Group’s listed companies fell below Rs 7 lakh crore. Selling of Adani Group’s stocks from Adani Total Gas, Adani Enterprises, Adani Green Energy and Adani Transmission is being cited as the primary cause of it.

As reported by Business Today, Adani Group’s m-cap fell to Rs 6.97 lakh crore, which is a loss of 63.69% or Rs 12.22 lakh crore.

Adani Total Gas has lost Rs 3.48 lakh crore m-cap since January 24 while Adani Enterprises lost Rs 2.46 lakh crore in its market value. Adani Transmission and Adani Green Energy, which have been big bleeders for the firm, also lost Rs 2.32 lakh crore and 2.29 lakh crore, respectively. Adani Power and Adani Ports have also lost Rs 42522 crore and Rs 51413 crore respectively in the market.

The report by short-seller Hindenburg Research wrote this downfall and even after one month of the report, the firm is still bleeding in the stock market. The US-based firm alleged the Adani Group of stock manipulation and accounting fraud, citing the biggest scam in corporate history.

Adani Group Share Prices

At 12 noon, the share price of Adani Enterprises stood at Rs 1235.65 in NSE and Rs 1234 in BSE as it fell by about 80 points. On other hand, Adani Ports and Special Economic Zone is trading at Rs 561.65, which is a rise of 2.70 points.

Adani Power, Adani Green Energy and Adani Wilmar have recorded a downfall of approx 5% each.

In the news, as reported by Economic Times, the conglomerate is looking to raise $400 million in debt against the group’s Australian coal ports.