Carnage continues in Adani stocks: Since Hindenburg report, 7 Top losers are Adani Green & more…

New Delhi: The bombshell report by US-based firm Hindenburg Research has completed one month and in just a short span of 30 years, robbed the Indian conglomerate of enormous wealth & valuation.

When the damaging report was released on January 25, the Adani Group stocks were trading at 52-week high while the billionaire tycoon Gautam Adani was swiftly moving the ranking chart. By January 2023, he was adjudged as the World’s third richest billionaire.

January 25 report by Hindenburg triggered a series of meltdown in the company stocks which has remained unhindered & unrestricted. All flagship stocks of the Adani Group are in red and have fallen upto 85%. A business portal reports that the market capitalization of 10 Adani scrips have now gone down by over 60% to Rs 7.32 lakh crore in just one month.

7 Top losers at BSE are Adani stocks

The BSE500 index has 9 Adani Group stocks on its platform. After the Hindenburg accused the Adani Group of stock manipulation & accounting fraud, many listed scrips of the company registered a meltdown and remained on a losing spree for entire month.

Result is that all 9 Adani stocks ranked at bottom of index and out of 15 Top losers, 7 stocks are from the embattled Group.

According to a leading portal, the BSE500 index recorded an erosion of Rs 18.33 lakh crore or 7.04% in market capitalization, ranging from Rs 260.22 lakh crore (Jan 24) to Rs 241.89 lakh crore (Feb 24).
Out of this, the 9 Adani stocks account for an 64% erosion value of the index, which stands at Rs 11.89 lakh crore.

Adani Total Gas is the worst hit by Hindenburg report slumping by about 80% while others from the pack that wobbled include Adani Green Energy, Adani Transmission, Adani Enterprises Adani Power, Adani Wilmar and Ambuja Cements.

As per data, Adani Total Gas lost a market value of about Rs 3.44 lakh crore, Adani Enterprises & Adani Green saw dip in valuation by Rs 2.38 lakh crore Rs 2.26 lakh crore in m-cap respectively.

The scale & intensity of meltdown is evident from the fact that before January 24, 6 Adani Group stocks had m-cap of over Rs 1 lakh crore but today, only 2 stocks remain in this coveted zone.