Adani stocks lose Rs 11 lakh cr in market cap in a month, more than govt’s capex spend plan in full year FY24
时间:2024-09-29 02:11:18 阅读(143)
Adani Group shares have lost in just 30 days more than what the Indian government plans to spend on capital expenditure over the full financial year 2023-24. Adani Enterprises, Adani Green Energy, Adani Ports, Adani Power, Adani Total Gas, Adani Transmission, Adani Wilmar, Ambuja Cements and ACC Ltd stocks have together lost over Rs 11 lakh crore in market cap in the last one month. For comparison, the Centre’s capital expenditure outlay for FY24 is at Rs 10 lakh crore. The stocks of Gautam Adani-led companies have been falling since the US-based short-seller Hindenburg Research LLC accused the Adani family of stock manipulation and money laundering.
On January 24, Hindenburg published a report named “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History,” following the publication, the market capitalisation of Adani Group companies tanked nearly 58% in one month, till February 21. The short-seller said it holds a short position in Adani Group Companies through US-traded bonds and non-Indian-traded derivative instruments. The report further noted that Adani Group’s 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations.
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