New Delhi: Adani Group shares took a beating for a second straight session Friday, falling up to 20 per cent and losing over Rs 4.17 lakh crore from the combined market valuation of listed firms after the US-based investment research firm Hindenburg Research made damaging allegations.
Shares of Adani Total Gas plummeted 20 per cent, Adani Transmission tumbled 19.99 per cent, Adani Green Energy plunged 19.99 per cent and Adani Enterprises tanked 18.52 per cent on the BSE.
Also, Adani Ports and Special Economic Zone fell 16.03 per cent, Adani Wilmar dipped 5 per cent and Adani Power declined 5 per cent.
The free fall of Adani Group stocks started Wednesday – a day after financial research firm Hindenburg Research in a report released on January 24, 2023 accused one of the largest companies in Asia of manipulation into its accounting and share prices.
The Adani Group has dismissed the report as malicious, but the response has failed to stem the uproar.
Countering Adani Group's rebuttal of Hindenburg Research's report, the latter said it had all evidence to prove the charges.
The shares of Indian banks and Life Insurance Corp. of India also plunged Friday amid concerns about their exposure to the Adani Group following the scathing short-seller report.
The NSE Bank Nifty Index extended declines of the previous session, underperforming broader stock benchmarks. Bank of Baroda and State Bank of India were among the biggest decliners.
Meanwhile, Gautam Adani, who was the world’s third-richest person at the start of the week, is now ranked number seven on Forbes’ billionaires tracker after a $22.6bn hit to his fortune in Friday’s trade.
The Adani Group was established in 1988, beginning with commodities trading. The conglomerate’s business interests now extend from ports and airports to mining and renewable power.
Sensex meanwhile closed the week's last session Friday at 59,330.90 points, down 874.16 points or 1.45 per cent, whereas Nifty closed at 17,604.35 points, down 287.60 points or 1.61 per cent.
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