The market capitalisation (m-cap) of 10 Adani group companies has fallen below Rs 7 lakh crore mark in Monday's trade, thanks to persistent selling pressure in key names including Adani Total Gas Limited, Adani Enterprises Limited, Adani Green Energy and Adani Transmission Limited.
At Monday's intraday levels, the m-cap of Adani group stood at Rs 6.97 lakh crore, down 63.69 per cent or Rs 12.22 lakh crore over Rs 19.19 lakh crore as on January 24. This was the day when Hindenburg Research came out with its scathing report, alleging accounting fraud and stock manipulation at group companies. The report not only led to withdrawn of India's biggest follow on public offer, but pulled down Adani group stocks by up to 80 per cent.
Adani Total Gas Limited has lost Rs 3.48 lakh crore in market value since January 24; Adani Enterprises Limited has eroded Rs 2.46 lakh crore in market cap; Adani Transmission and Adani Green Energy also wiped off Rs 2.32 lakh crore and 2.29 lakh crore, respectively. Adani Power, Adani Ports and Ambuja Cements have lost Rs 42,522 crore, Rs 51,413 crore and Rs 31,542 crore, respectively.
On Monday, shares of Adani Enterprises Limited were down 2.41 per cent at Rs 1,283. Adani Power Limited fell 2.59 per cent to Rs 143. Adani Transmission, Adani Green Energy and Adani Total Gas were locked at their 5 per cent lower circuit limits. Adani Wilmar tanked 2.82 per cent to Rs 352.10.
Among other group shares, NDTV was down 3 per cent; Ambuja Cements Ltd declined 2 per cent while ACC edged 0.60 per cent lower. Adani Ports remained the only group stock that was trading higher. This stock was up 1.77 per cent at Rs 568.85.
In order to reassure investors, the Gautam Adani-led conglomerate is planning to conduct a fixed-income roadshow, Reuters reported. The move is aimed at bringing back investors and restoring their confidence in the aftermath of a US short-seller report.
As per the report, a roadshow is likely in Singapore today. It will see participation from Adani Group Chief Financial Officer Jugeshinder Singh. Post the roadshow, similar confidence-building meetings will be held in Hong Kong on February 28 and March 1, as per the report.
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