You are using an older browser version. Please use a supported version for the best MSN experience.

1 month on: Adani mcap loss at $142 billion, some stocks still stuck at lower circuit

The Times of India logo The Times of India 2/24/2023 Partha Sinha and Reeba Zachariah
© Provided by The Times of India

MUMBAI: The stock price of Adani Total Gas lost another 5% of its value and closed at the lower circuit on Thursday, taking its losing run to 21 sessions, of which in the last 20 sessions it has closed at the lower circuit level. After Thursday's loss, the stock has now lost nearly 80% of its value since January 25, the day after US short-seller Hindenburg Research published a damning report on the group, accusing it of stock manipulation, accounting fraud and corporate malfeasance.

Since then, all of the group's 10 stocks have been on a sliding path with Adani Total Gas's loss the maximum. These losses have come despite strong denial by the group to all of Hindenburg's allegations.

Adani Total Gas is also the company that has recorded the biggest value erosion in absolute terms. From a market capitalisation of Rs 4.3 lakh crore on January 24, it's at Rs 87,242 crore now.


Two more among the 10 Adani Group's stocks have lost over 70% from their pre-Hindenburg levels. Adani Green Energy has lost 73%, while Adani Transmission is down a little less than 73%.

In its report, Hindenburg analysts had said that seven of the group's stocks were overvalued by at least 85%.

READ ALSO: What does Hindenburg make from Adani’s misery?

Among other companies within the Ahmedabad-based conglomerate, Adani Enterprises, the group's flagship, has lost nearly 60% of its value in the last one month. The other six companies have lost between 25% and 44% of their value during this period, BSE data collated by TOI showed.

Among the 10 companies, cement manufacturing major ACC has lost the least of its market value, down 25.6% or Rs 11,234 crore to Rs 32,636 crore now.

READ ALSO: Why Hindenburg may have saved Adani from self-ruin

As a result of the slide in the stock prices, the market capitalisation of the companies as well as of the group have also plummeted. In the last one month, the group's market value has dipped 61.6% or by Rs 11.8 lakh crore to Rs 7.4 lakh crore now. In dollar terms, the value erosion is a little over $142 billion.

In 19 of the last 21 sessions since January 24, the group's combined market cap has recorded a decline. The only two sessions when it had grown were February 7 and February 8, BSE data showed.


More from The Times of India

The Times of India
The Times of India
image beaconimage beaconimage beacon