After the report of the American research company Hindenburg, the difficulties of the Adani Group led by businessman Gautam Adani are not reducing. The total market capitalization of the group has come down by Rs 9.11 lakh crore to Rs 10.09 lakh crore from Rs 19.20 lakh crore on January 24, due to a sharp fall in the shares of seven of the eleven Adani group companies. However, two global rating firms have retained the ratings of the group companies. The company’s French partner justified its investments in group companies.
According to stock market experts, the market capitalization (market cap) of Adani Group has decreased since the Hindenburg report. In the last week, the market cap of Adani Group has declined by Rs 9.11 lakh crore to Rs 10.09 lakh crore now, from Rs 19.20 lakh crore as on 24 January. The total market capitalization of the Adani group is now even lower than that of Reliance Industries Limited (RIL) alone at Rs 15.75 lakh crore and TCS’s Rs 12.74 lakh crore.
Finance Minister Nirmala Sitharaman has given her reaction for the first time on the investment in LIC’s group and the loan of State Bank of India (SBI) amidst a huge fall in Adani Group’s shares. The Finance Minister said a day ago that the exposure of SBI and LIC to Adani group companies is within the permitted limit. At the same time, the Reserve Bank of India (RBI) also said in Parliament on the demand of the opposition parties to investigate LIC and bank loans in the Adani group that the Indian banking sector is in a strong and stable condition.
It is worth mentioning that for the first time since January 24, the shares of Adani Enterprises, the group’s flagship company, closed with gains amid a fall in Adani Group’s shares on Hindenburg’s report. However, the company’s shares fell by 35 per cent in early trading. Adani Ports and SEZ also closed with a gain of eight per cent.
Adani Enterprises is the largest company of the group with Rs 1.80 lakh crore. Due to the fall in the shares of the company, Adani Group chief Gautam Adani has come down to the 21st position on the list of the world’s richest people.
