New Delhi: The rout in Adani Group stocks, ranging from Adani Enterprises to Adani Green & more, has triggered a cascading effect on Indian stock markets. The Dalal Street witnessed yet another day of bloodbath as benchmark indices Sensex slumped by more than 900 points while Nifty tanked by over 200 points.
Meanwhile, the deepening crisis in all flagship stocks of the Adani Group is giving anxious & fretful moments to millions of investors in Australian retirement savings. According to a report in the Guardian, millions of dollars in Australian retirement savings lay exposed to the freefall in Adani stocks and is set to have a bearing on it.
According to reports, Gautam Adani-led companies have ‘enormous’ investments from Australian retirement funds, much of which cater to government workers in Queensland & also employees at the Commonwealth Bank. A number of these funds had invested in Adani companies, anticipating good returns from emerging economies.
According to Guardian, Australia’s Future Fund (worth $243 billion)and Australian Retirement Trust (worth $200 billion)had invested millions of dollars in various companies of Adani Group but now their returns looks bleak. The severe rout in Adani-controlled companies has eroded their value and they are just worth a fraction of the original investment.
The Indian conglomerate has made big investments in Australia, with its business interests ranging from energy to transportation to coal mines. Adani Group operates the Carmichael coal mine & Abbot Point port, renamed as North Queensland Export Terminal.
The Adani Group stocks have been in a tailspin following the damaging report by US based short-selling firm Hindenburg on January 25. In less than a month, the valuation of its stocks have eroded by more than $134 billion.
Gautam Adani-led conglomerate which recently emerged as India’s richest enterprise is now on a downward spiral, with its market capitalization dipping below $100 billion mark. Today was the one of the worst days for Adani Group stocks, as Wikipedia allegations prompted another round of sell-off.
