Shares of the Adani Group companies tumbled on Friday, extending their losses from Wednesday's trading session. The market was shut on Thursday on account of Republic Day.
On Friday, five Adani Group stocks i.e. Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green Energy, and Adani Ports & SEZ hit lower circuits.
Seven of Adani companies lost ₹3 lakh crore in market cap.
|Scrip Name||Previous closing price (Rs)||Current market price as of 3:30 pm (Rs)||Change (%)||Previous Market cap as on January 25 ( ₹in crore)||Today market-cap as of 1 pm ( ₹in crore)||Difference in loss ( ₹in crore)|
|Adani Total Gas||3,660||2,928||-20||398,940||319,152||79,788.00|
|Adani Green Energy||1,857||1,486||-20||289,692||231,816||57,876.00|
|Adani Ports & SEZ||713||596.95||-16.3||191,084||160,281||30,802.93|
Adani Total Gas lost ₹79,788 crore on Friday, followed by Adani Enterprises, which lost ₹68,343 crore, and Adani Green Energy that lost ₹57,876 crore.
The shares of Adani Group companies have been witnessing strong selling post the release of the Hindenburg Research report that alleged a ‘fraud’. The momentum in the basket is on the bearish side, according to analysts.
In a report released on Tuesday, Hindenburg Research accused the Indian giant of participating in a decades-long plan to manipulate stock prices and commit accounting fraud. Post the news, seven Adani Group stocks lost ₹46,086 crore in market cap on Wednesday.
Reacting to the report on Wednesday, Adani Group released a media statement where the company said that it was shocked that Hindenburg Research has published a report without making any attempt to contact the company or verify factual matrix.
"The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts," said the company in a report.
The shares of Adani Total Gas, Adani Green Energy, Adani Transmission were down 20 percent while Adani Enterprises shares closed 18.5 percent lower. Adani Power and Adani Wilmar ended 5 percent lower, and Adani Ports & Special Economic Zone closed 16 percent lower.