Adani Enterprises, Adani Power, Adani Total Gas: Adani group wealth erosion equals 4% of GDP, m-cap below $100 billion

Adani group's market capitalisation (m-cap) has fallen below the $100 billion mark, thanks to a $133 billion stock rout in group shares adanipower-share-price-364880" target="_blank">Adani Power, atgl-share-price-364636" target="_blank">Adani Total Gas, adanient-share-price-366536" target="_blank">Adani Enterprises and Adani Green Energy, among others, since Hindenburg Research's scathing report.

The $133 billion selloff in Adani group shares equals 4.16 per cent of India's annual GDP that is estimated at $3.17 trillion. The value erosion in Adani group shares also equals the annual GDP of Angola. Ten of Adani group stocks commanded a combined m-cap of Rs 8,20,915 crore in Tuesday's intraday deals, which at the rupee-dollar exchange rate of 82.76 were valued at $99 billion.

This was down Rs 10,98,973 crore ($133 billion) from Rs 19,19,888 crore value, the group commanded as on January 24. This was the same day when Hindenburg Research made allegations of stock manipulation and accounting fraud on the group. Since then, Gautam Adani's personal wealth has eroded by over $100 billion, with him plunging to 25th position on the global billionaire list.

At Adani Enterprises' recent earnings announcement, the Adani group said it has assessed that no material financial adjustment arises to the consolidated financial results for the quarter and nine months ended December, 31, 2022 with respect to the said allegations.

Adani, himself said, said the market volatility was temporary and that Adani Enterprises would continue to moderate leverage while looking at strategic opportunities to expand and grow. Adani, 60, is worth $49 billion as of last count. This is against $150 billion wealth he had in September 2022.

In value terms, Adani Total Gas has lost Rs 3.3 lakh crore in market value. At last count, Adani Total Gas commanded a m-cap of Rs 96,657 crore against Rs 4.27 lakh crore as on January 24.

Three of group stocks namely, Adani Enterprises (Rs 2.08 lakh crore), Adani Transmission (Rs 2.14 lakh crore) and Adani Green Energy (Rs 2.13 lakh crore) have eroded over Rs 2 lakh crore each in market value. Adani Power (down Rs 39,977 crore), Adani Ports & SEZ (down Rs 36,938 crore), ambujacem-share-price-362811" target="_blank">Ambuja Cements (down Rs 27,690 crore) and Adani Wilmar (Rs 17,942 crore) have also seen value erosion.

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