Adani Enterprises, Adani Green, Adani Total Gas: 7 top BSE500 losers since Jan 24 are Adani group shares
The BSE500 index, which has nine Adani group stocks as index constituents, largely underperformed the BSE Sensex (no Adani group constituent) since January 24, the day Hindenburg Research came out with its scathing report on Adani group. Data showed seven top losers of BSE500 index since January 24 are Adani group scrips. All the nine Adani group stocks that are a part of the broader index find themselves among the top 15 index losers.
The broader index, whose market capitalisation (m-cap) stood at 92 per cent of BSE’s total m-cap of Rs 260 lakh crore, has fallen 4.8 per cent in the last one month against 2.8 per cent fall for the BSE Sensex during the same period.
From a m-cap of Rs 260.22 lakh crore to Rs 241.89 lakh crore, the BSE500 has eroded Rs 18.33 lakh crore or 7.04 per cent in market capitalisation since January 24.
The nine Adani group stocks alone accounted for Rs 11.89 lakh crore or 64 per cent of erosion in BSE500 m-cap since then, data as per AceEquity suggests. The BSE500 mcap fall since January 24, excluding Adani scrips, stands at 2.7 per cent in value terms.
Adani Total Gas has been the worst BSE500 stock since January 24, down 80 per cent till Thursday’s closing. Adani Green Energy, Adani Transmission, adanient-share-price-366536″ target=”_blank”>Adani Enterprises, Adani Power, Adani Wilmar and Ambuja Cements have fallen up to 74 per cent during the same period.
As per Friday’s intraday prices, the m-cap of 10 Adani group stocks was down to Rs 11,99,256.66 crore (as per Friday’s intraday prices) at Rs 7,20,632 crore. This is against a group m-cap of Rs 19,19,888 crore on January 24.
Only two Adani stocks have now left with market capitalisation of over Rs 1 lakh crore. This is against six Adani group stocks will m-cap of over Rs lakh crore as on January 24.
Adani Total Gas has lost Rs 3.44 lakh crore in market value; Adani Enterprises has eroded Rs 2.38 lakh crore, Adani Transmission 2.28 lakh crore and Adani Green Energy Rs 2.26 lakh crore in m-cap.
On Friday, Adani Transmission hit its 5 per cent lower circuit limit at Rs 711.90. At this price, the stock was trading at its lowest levels since February 2021. Adani Total Gas was quoting near its March 2021 levels. This scrip hit its lower circuit limit at Rs 753.60 on Friday. This scrip ahs not gained even for a single trading day since January 20. Adani Green at its lower circuit at Rs 486.75 was trading at August-September 2020 lows.
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