Shares of Adani GroupтАЩs flagship firm Adani Enterprises were the top losers intraday today after the chairman Gautam AdaniтАЩs net worth slipped to less than $50 billion as of February 20. Adani Enterprises shares slipped up to 9.33% to Rs 1561.1 against the previous close of Rs 1721.75 on BSE. ┬аThe decline was the maximum compared to other group companies today.
While Adani Ports hit an intraday low of Rs 560.05, down 3.24%, Adani Total Gas slipped 5% to Rs 925.1. It opened and closed at the same level today. Similarly, Adani Wilmar stock hit an intraday low of Rs 420.1, down 4.08% on BSE. Later, the stock ended 1.94 per cent lower at Rs 429.45. ┬аMarket cap of the firm closed at Rs 55,814 crore.
Stock of Adani Ports fell 3.23% intraday to Rs 560.05 on BSE. Later, the stock closed at Rs579.65, up 0.15% against the previous close of Rs 578.80 . Market cap of the port operator rose to Rs 1.25 lakh crore.
Adani Wilmar stock hit an intraday low of Rs 420.1, down 4.08% on BSE. Later, the stock ended 1.94 per cent lower at Rs 429.45. ┬аMarket cap of the firm closed at Rs 55,814 crore.
Stock of Adani Transmission fell 5% intraday to Rs 873.90 on BSE. Later, the stock closed at the same level against the previous close of Rs 919.85. Market cap of the firm fell to Rs 97,482.91 crore.
Stock of Adani Total Gas fell 5% intraday to Rs 925.10 on BSE. Later, the stock closed at the same level against the previous close of Rs 973.75. Market cap of the firm fell to Rs 1.01 lakh crore.
However, the stock of Adani Power ended 5% higher at Rs 163 against the previous close of Rs 155.25.
Meanwhile, Adani Enterprises shares closed 5.94% lower at Rs 1619.55. ┬аEarlier, the stock opened at a loss of 4.69% at Rs 1641 on BSE.
Adani Enterprises shares stand lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock is down 58.16 per cent this year. In a year, the Adani Enterprises stock has lost 7.02%.┬а
Adani EnterprisesтАЩ market cap slipped to Rs 1.84 lakh crore. Total 3.07 lakh shares changed hands amounting to a turnover of Rs 49.87 crore on BSE.
As per Bloomberg Billionaires Index, the billionaireтАЩs net worth slipped to $49.1 billion and he was 25th on the global rich list today. ForbesтАЩ Real-Time Billionaires List, on the other hand, ranked Adani at the 25th spot and pegged his net worth at $47.6 billion.┬а
With Adani Group shares correcting due to the allegations made in the Hindenburg report, the gap between Gautam Adani and Reliance Industries (RIL) chairman Mukesh Ambani — two of India’s richest individuals — is widening.┬а
Mukesh Ambani is on the 11th spot in the global rich list and has a net worth of $83.6 billion as per the Bloomberg BillionairesтАЩ Index. According to the ForbesтАЩ Real-Time BillionairesтАЩ List, however, Ambani is on the 8th spot and has a net worth of $86 billion.┬а
The Hindenburg Research report that jolted the Adani GroupтАЩs fortunes and future plans came just before Adani EnterprisesтАЩ Rs 20,000 crore follow-on-public offer (FPO) opened. The Hindenburg report accused the Adani Group of accounting fraud and stock manipulation. The group has lost around $125 billion in market value in three weeks since the report came out.┬а
The Adani Group has denied HindenburgтАЩs allegations as being тАЬmaliciousтАЭ, тАЬbaselessтАЭ, and a тАЬcalculated attack on India.тАЭ
Meanwhile, DLF chairman KP Singh said claims about the Hindenburg report on Adani Group impacting IndiaтАЩs potential as an investment destination are completely nonsensical. Singh said, тАЬIndia is too big a country today. So, this story will die down. Investment will not be hurt.тАЭ
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