In June 2020, the board of Adani Power decided to delist the company whose share price was languishing at ₹38 against its August 2009 listing price of ₹100. The low price was affecting fundraising and growth plans. The board set the floor price for delisting at ₹33.82 and has been waiting for approval from stock exchanges. However, over the last seven months — December 2020 to June 2021 — the company’s share price surged around 300 per cent, pushing the scrip to ₹166.
Shares of five other Adani group companies grew three to 10 times in the last one year until June 11, 2021. Market value of Adani Green Energy (AGEL) increased to ₹1.9 lakh crore (as on May 31, 2021). Barring Adani Power (₹57,000 crore), each of the other group firms’ market cap crossed ₹1.7 lakh crore by June 11. Aggregate market capitalisation of the six entities stood at ₹9.5 lakh crore. The rise in market value propelled group Chairman Gautam Adani (the family owns 56-75 per cent in listed entities) to being Asia’s second-richest man, after Reliance Industries’ Mukesh Ambani. Adani’s wealth shot up to $77 billion.
The spike in Adani group stock prices was, however, highly unusual. They grew 122-819 per cent during January 2020-June 11, 2021, while the Sensex and the Nifty rose 27 per cent and 30 per cent, respectively.
هذه القصة مأخوذة من طبعة July 11, 2021 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة July 11, 2021 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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