Hindenburg report row: Adani Group stocks sell-off enters third week

The Adani group stocks have shed Rs 9.4 trillion in market value since June 24

adani group
Photo: Bloomberg
BS Reporter Mumbai
2 min read Last Updated : Feb 06 2023 | 11:06 PM IST
It was another day of declines for Adani group stocks on Monday, with six out of the 10 listed firms ending with losses.

Flagship company Adani Enterprises (AEL) saw its share price decline by 0.7 per cent to close at Rs 1,572.4, extending its year-to-date (YTD) loss to nearly 60 per cent. Adani Ports & SEZ, on the other hand, rose 9 per cent to close Rs 546. Adani Total Gas, Adani Green Energy, Adani Power and Adani Wilmar hit their 5 per cent lower limit, while Adani Transmission too hit a 10 per cent lower circuit.

Aswath Damodaran, a valuation expert and Professor of Finance at New York University Stern School of Business, wrote that the market was overstretched when it valued the Adani companies collectively at $220 billion (Rs 17,600 billion) and Adani Enterprises at $53 billion (Rs 4,243 billion). He arrived at a price target of Rs 945 for AEL.

The Adani group stocks have shed Rs 9.4 trillion in market value since January 24 after US-based Hindenburg Research accused it of brazen stock manipulation, accounting fraud, and use of extreme leverage. On Monday, the group’s mcap fell another Rs 27,447 crore to finish at Rs 9.82 trillion.

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :Adani GroupAdani Enterprises

Next Story