Adani Group’s market value drops below $100 billion
The conglomerate has now lost over $136 billion in market capitalisation since a US-based firm accused it of stock manipulation last month.
The combined value of the Adani Group’s companies fell below the $100 billion mark on Monday, weeks after a report accused the firm of stock manipulation, reported Bloomberg.
On Tuesday, only two of the seven publicly traded companies under the Adani Group – Adani Ports and Adani Power – ended on a positive note. The others – Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Total Gas and Adani Wilmar – ended the day’s trading in the red.
Adani Enterprises ended 51.15 points, or 3.16%, lower at 1,568.40.
The ports-to-power conglomerate has now lost over $136 billion (over Rs 11.26 lakh crore) in market capitalisation since January 24, when a report by United States-based firm Hindenburg Research alleged that the group has amassed substantial debt by pledging overvalued shares.
In a major fallout of the report, the conglomerate’s flagship company Adani Enterprises was also forced to call off its Rs 20,000 crore follow-on public offering that was meant to repay debt.
The conglomerate has denied the allegations, claiming that the report’s “principal objective” was to derail the share offer.