All the 10 Adani group stocks saw a jump in their shareholder bases during the March 2023 quarter, even as a scathing report by Hindenburg Research wiped out over ₹10 trillion in market value, stated a report by Business Standard. The report informed that Adani Enterprises and Adani Ports — both part of the benchmark Nifty 50 index—saw a robust increase in the number of shareholders, mainly individual investors.
The report showcased that the 10 stocks belonging to the Gautam Adani-led ports-to-power conglomerate fell between 23 percent and 77 percent during the March quarter as the allegations made by Hindenburg Research’s January 24 report spooked investors. However, Retail investor shareholding rose between 55 basis points (bps) and 343 bps in the listed Adani group stocks, it added.
Meanwhile, the shareholding of state-owned insurer Life Insurance Corporation (LIC) also rose slightly in four Adani group stocks. Mutual funds (MFs), as well, increased their holdings in ACC, while pruning stakes in four other Adani Group companies, it added.
Overall, as per the report, the number of shareholders surged the most in Adani Enterprises, up 195 percent QoQ in the March quarter followed by Adani Total Gas, where this number jumped 122 percent QoQ. Adani Transmission also saw a 112 percent rise in its total number of shareholders in the March quarter. Meanwhile, the number of shareholders in Adani Green, Ambuja Cements, Adani Ports, ACC, NDTV and Adani Power also advanced between 20 percent to 90 percent, on a sequential basis in the March quarter, informed the report.
According to the Hindenburg report, Gautam Adani, the founder and chairman of the Adani Group, has a net worth of about $120 billion, which he has increased by over $100 billion in the last three years primarily as a result of stock price growth in the group's seven most important publicly traded companies, which have increased by an average of 819 percent during that time.