Adani Group stocks continued to face an unrelenting sell-off, losing a staggering $111 billion in shareholder wealth in six trading days since the release of a scathing report by a US short seller as investors fled the stocks and bearish bets mounted.
Among group stocks, Adani Total Gas, Adani Enterprises, Adani Green Energy and Adani Transmission were the biggest losers since the 24-January release of the Hindenburg Research report alleging accounting fraud and stock manipulation.
Adani Enterprises, a member of the Nifty index, plunged 26.5% to ₹1,564.7 on Thursday, a day after the company withdrew its ₹20,000 crore follow-on public offering (FPO). In response, the stock tanked to a fresh 52-week low of ₹1,513.90, well below half the floor price of the now withdrawn issue.
Despite the bloodbath, a few market veterans expect buying to emerge at some stage in a few of the more widely held group stocks.
"Given the loss of shareholder value, the next three days will be crucial to my mind," said the chief executive of a Mumbai-based brokerage. "There is no real selling by any shareholder in any group companies, and concerns seem to be a bit overblown, given that the markets have remained stable post the budget."
Denne historien er fra February 03, 2023-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Denne historien er fra February 03, 2023-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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