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.
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