Month after Hindenburg’s bombshell report, Adani loses over ₹12 lakh cr m-cap
A month after Hindeburg’s bombshell report, Adani Group has lost over ₹12 lakh crore market value on Friday. From the peak level, the losses are even heftier. On January 24, 2023, the Adani Group held the alpha seat on stock exchanges with a market valuation of over ₹19 lakh crore, outrunning Mukesh Ambani’s Reliance and Ratan Tata’s TCS. The Gautam Adani-backed conglomerate was the star and everyone wanted a taste of it. But the same day, the US-based short seller Hindeburg’s bombshell report sparked a wildfire for Adani stocks.
Adani’s shares are in shambles a month after the short seller’s critical report. In a month, Adani has seen it all, from the good old days to enter a phase of eye-blotching losses. Majority of Adani stocks have hit back-to-back lower circuits or fresh 1-year lows.
By end of market hours on Friday, the m-cap of Adani securities was around ₹7,15,986.97 crore on BSE. This would be a loss of over ₹12 lakh crore from a market valuation of around ₹19.2 lakh crore which was seen on January 24.
Earlier this week, Rohan Shah-head technical analyst at Stoxbox said, Adani group’s market capitalisation is now down 70% from its peak.
As per Shah, the peak level of Adani Group’s market cap was around ₹25 lakh crore.
From this level, Adani shares market value has dipped by over 71% by end of February 24, 2023. In value terms, the losses are over ₹17.8 lakh crore.
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