A report of American short seller company Hindenburg Research comes and in just 9 days Adani Group collapses up to 45 percent. The incident is not normal. That’s why now RBI has also broken its silence.
Image Credit source: TV9 Bharatvarsh
Gautam Adani News : Adani Group, yes the country’s largest corporate house. Who had left Mukesh Ambani’s Reliance behind in a jiffy. A report of American short seller company Hindenburg Research comes and in just 9 days Adani Group collapses up to 45 percent. The incident is not normal. That’s why now RBI has also broken its silence. Loan information has been sought from banks investing in Adani Group. LIC’s are continuously breaking.
It is possible that in the coming days, statements of investigation may also come from the market regulator SEBI, because the banks of the world are also seen avoiding putting their hands on the companies of Adani Group. Swiss agency Credit Swiss has refused to take bonds of Adani Group companies. At the same time, notes of companies have also been given zero landing value. In such a situation, there is a continuous decline in the credibility of the companies of Adani Group. Let’s tell how much the shares, market cap and wealth of Gautam Adani himself have come down after the Hindenburg report.
Shares crashed after Hindenburg’s report
After the Hindenburg report, there is a continuous decline in the shares of Adani Group companies. Today, the lower circuit of 5 and 10 percent has been installed in many companies of the group. Shares of Adani Enterprises are down more than 47 percent with today’s low. Adani Total Gas has suffered the maximum loss up to 56 per cent. Shares of 5 companies out of 9 listed companies of the group have fallen by more than 40 per cent since January 24.
Adani Group has lost more than 45 percent
On the other hand, Adani Group has suffered a loss of up to 24 per cent since January 24 till February 2 during the trading session. There has been a big decline in the market cap of Adani Transmission, Adani Enterprises, Adani Green. The total market cap of Adani Group companies was Rs 19,16,560.93 crore on January 24, which has come down to Rs 10,51,802 crore during the trading session. This means that the group has incurred a loss of Rs 7,91,778.64 crore during this period. With the help of this table, let’s see which company of the group has suffered so much loss.
Nearly 40 percent net worth cleared
On January 24, Gautam Adani was the fourth richest businessman in the world. Since then, there is a continuous decline in his wealth. According to Bloomberg data, on January 24, he had a wealth of $ 119 billion, which has come down to $ 72.1 billion. This means that during this period there has been a decline of $ 46.9 billion in his wealth. According to Bloomberg, on September 20, Gautam Adani had a net worth of $ 150 billion, which has seen a decline of 52 percent.
Gautam Adani’s fortune has reduced so much
way | Daulat Arab (Dollar) |
24 January | 119 |
25 January | 113 |
26 January | 113 |
27 January | 92.7 |
28 January | 92.7 |
29 January | 92.7 |
30 January | 84.4 |
31 January | 84.5 |
February 1st | 72.1 |
how much wealth has fallen | 46.9 |
So far the journey of Adani Group’s case has been like this
- 24 January Co Hindenburg reports and it said it is holding short positions in US-traded bonds and non-Indian-traded derivative instruments through Adani Group companies. He alleged in the report that the group has manipulated and committed fraud in the shares of companies. Even called the irregularities in Adani Group’s companies the biggest corporate scam.
- 25 January The Adani Group termed the Hindenburg report as false and baseless and rejected all the allegations and said that it would go to court in this matter. On the same day, anchor investors Maybank Securities and Abu Dhabi Investment Authority bought stake in Adani FPO. In the stock market, the shares of group companies came to a week’s low.
- 26 January Ko Adani Group said that it is considering taking punitive action against Hindenburg under US and Indian laws. In response to which Hindenburg said that he fully stands by his report and believes that any legal action taken against us will be useless.
- 27 January Adani Enterprises came up with a $2.5 billion FPO for retail investors. Reuters quoted sources as saying that India’s market regulator has increased its scrutiny of deals done by Adani Group in the last one year. After the decline in Gautam Adani’s net worth, he came to the 7th richest position in the world.
- 28 January MSCI said it is seeking comments on Adani Group and related securities and is aware of the Hindenburg report. At the same time, the group said that they will remain on their FPO at the same share price, which they had issued.
- January 30 Adani Group sent a reply of 413 pages to the questions asked in the Hindenburg Report. By this date, the group’s market cap had lost $ 65 billion. At the same time, LIC, a major investor in the group, said that Hindenburg has raised questions and is reviewing the group’s response. Abu Dhabi Group International Holding Company said it will invest 1.4 billion dirhams ($381 million) in the FPO of Adani Enterprises.
- January 31 The FPO of Adani Enterprises is fully subscribed.
- February 1st Australia’s corporate regulator said it will review the Hindenburg report on the Adani Group. Since the Hindenburg report, the total loss in the shares of Adani Group 7 listed companies has increased to $ 86 billion. Reuters reports that India’s market regulator is probing the fall in Adani Group’s shares and looking for irregularities. On the other hand, Adani Enterprises announced the withdrawal of the FPO citing market conditions.