- 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.
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 $4 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
Source: NSE, March 2, 2023
Overall, 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$4 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.
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 group stocks have lost over 70% of their value since January 24, while ACC and Adani Ports & SEZ have been the most resilient.
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$4.
According to a report by Bernstein Research,
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