Adani group’s market cap drops below $100 billion

New Delhi, Feb 21 (EFE).- The market capitalization of the Adani group, owned by Indian billionaire Gautam Adani, touched a new low on Tuesday as it plummeted below the $100 billion mark, having lost more than 50 percent of its value in less than a month.

The stock value of the seven major companies of the group stood at a little over $86 billion when the Bombay Stock Exchange began trading on Tuesday morning, having jointly lost more than $106 billion in share value since Jan. 25, when a United States-based short-seller released a damning report accusing the conglomerate of stock manipulation and fraud.

According to market data, the share price of the group’s flagship company Adani Enterprises has dropped by 52 percent since the report was released by Hindenburg Research.

As of Monday morning, Adani Enterprises shares were trading at around 1,620 rupees (around $20), compared to a value of 3,389 rupees on the day before the allegations were made public.

The rout is even bigger for the shares of Adani Transmission (67 percent), Adani Green Energy (68.5 percent) and Adani Total Gas (76 percent), while Adani Ports (18 percent), Adani Wilmar (20 percent) and Adani Power (36 percent) have suffered less.

As a result of the stock crash, Adani has lost nearly $70 billion in the past month, having dropped to the 26th position in the Forbes rich list with a fortune currently valued at around $46.9 billion. EFE

hbc/ia