- All the nine Adani group stocks gained for the second consecutive day, adding ₹33,634 crore to the group’s combined market capitalisation on Thursday.
- Four group stocks closed the day locked in their respective upper circuits.
- After today’s surge, the Adani group’s combined market capitalisation has increased by over ₹1.24 lakh crore in three days.
All the nine Adani group companies gained for the second consecutive day, adding ₹33,634 crore to the group’s combined market capitalisation on Thursday. Four out of the nine group stocks closed the day locked in their respective upper circuits.
After today’s surge, the Adani group’s combined market capitalisation has increased by over ₹1.24 lakh crore in three days. Today’s surge comes even as the Supreme Court
formed a 6-member panel to look into the Adani-Hindenburg case and determine if there was any manipulation of stock prices as alleged by the Hindenburg report.
Earlier on Wednesday, the Adani group clarified that reports of it having secured a $3 billion loan from a foreign fund was “a market rumour”.
Overall, the Adani group’s combined market capitalisation has increased by ₹1.24 lakh crore in the last three days, with Adani Enterprises alone adding ₹57,955 crore. Despite this, Adani Enterprises shares are still down 53% from their closing price on January 24, when the
Hindenburg Research report was first released alleging stock manipulation and accounting fraud by the Adani group.
Company | Current market price | Change in market cap |
Adani Enterprises | ₹1,607.25 | ₹6,680 crore |
Adani Ports & SEZ | ₹622.9 | ₹4,811 crore |
Adani Green | ₹535 | ₹4,479 crore |
Adani Transmission | ₹708.75 | ₹4,183 crore |
Adani Total Gas | ₹744.1 | ₹3,965 crore |
Ambuja Cements | ₹370.7 | ₹3,218 crore |
Adani Power | ₹161.25 | ₹3,105 crore |
Adani Wilmar | ₹398.65 | ₹2,592 crore |
ACC | ₹1,801.35 | ₹601 crore |
Total | | ₹33,634 crore |
Source: NSE, March 2, 2023Overall, the Adani group’s combined market capitalisation, at ₹8.9 lakh crore, is down by over 59%, or ₹13.04 lakh crore, since January 24.
A report by the
Economic Times earlier on Tuesday stated that Indian lenders, led by the State Bank of India, had decided to retain the credit facilities extended to Adani Enterprises, as part of their annual review process.
Gautam Adani slips to 28th on the world’s rich list
The rout in the Adani group stocks has also decimated Gautam Adani’s wealth – he went from being the third richest person in the world with a wealth of $119 billion on January 24, to the 28th richest on the Bloomberg Billionaires Index with a wealth of $43.1 billion.
In 37 days, Adani’s wealth has plummeted by $75.9 billion.
Three Adani group stocks down by over 70%
Three group stocks have lost over 70% of their value since January 24, while ACC and Adani Ports & SEZ have been the most resilient.
Company | Total decline since January 24 |
Adani Total Gas | -81% |
Adani Transmission | -74% |
Adani Green | -72% |
Adani Enterprises | -53% |
Adani Power | -41% |
Adani Wilmar | -30% |
Ambuja Cements | -26% |
ACC | -23% |
Adani Ports & SEZ | -18% |
The comeback strategy
In efforts to stem the stock market rout following the Hindenburg report and to regain investors’ trust, the Adani group has drawn up a comeback strategy that involves repaying loans on or ahead of time.
Earlier on Monday, Adani Ports & SEZ announced that it has repaid a ₹1,500 crore loan, and that it would repay loans amounting to ₹5,000 crore in FY24, and another $500 million bridge loan that is due in March this year.
The group has also called off its plan to acquire DB Power for ₹7,017 crore, and also withdrew its
₹20,000 crore follow-on public offer (FPO).
According to a report by Bernstein Research, Adani Green can repay debt worth ₹22,000 crore that will fall due in FY25 by delaying some projects, avoiding bidding for new ones and divesting some assets.
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