INSUBCONTINENT EXCLUSIVE:
MUMBAI: The stock price of Adani Total Gas lost another 5% of its value and closed at the lower circuit on Thursday, taking its losing run
to 21 sessions, of which in the last 20 sessions it has closed at the lower circuit level
After Thursday's loss, the stock has now lost nearly 80% of its value since January 25, the day after US short-seller Hindenburg Research
published a damning report on the group, accusing it of stock manipulation, accounting fraud and corporate malfeasance.Since then, all of
the group's 10 stocks have been on a sliding path with Adani Total Gas's loss the maximum
These losses have come despite strong denial by the group to all of Hindenburg's allegations.Adani Total Gas is also the company that has
recorded the biggest value erosion in absolute terms
From a market capitalisation of Rs 4.3 lakh crore on January 24, it's at Rs 87,242 crore now.Two more among the 10 Adani Group's stocks have
lost over 70% from their pre-Hindenburg levels
Adani Green Energy has lost 73%, while Adani Transmission is down a little less than 73%
In its report, Hindenburg analysts had said that seven of the group's stocks were overvalued by at least 85%.Among other companies within
the Ahmedabad-based conglomerate, Adani Enterprises, the group's flagship, has lost nearly 60% of its value in the last one month
The other six companies have lost between 25% and 44% of their value during this period, BSE data collated by TOI showed.Among the 10
companies, cement manufacturing major ACC has lost the least of its market value, down 25.6% or Rs 11,234 crore to Rs 32,636 crore now.As a
result of the slide in the stock prices, the market capitalisation of the companies as well as of the group have also plummeted
In the last one month, the group's market value has dipped 61.6% or by Rs 11.8 lakh crore to Rs 7.4 lakh crore now
In dollar terms, the value erosion is a little over $142 billion.In 19 of the last 21 sessions since January 24, the group's combined market
cap has recorded a decline
The only two sessions when it had grown were February 7 and February 8, BSE data showed.
