Adani stocks hit by shock in 2023; Rs 6 lakh crore in market capitalization lost – Times of India

Investors in Adani stocks received a setback in 2023 as the conglomerate’s market capitalization fell by approximately Rs 6 lakh crore due to the Hindenburg controversy. The combined market value of all 10 listed Adani companies, which was Rs 19.6 lakh crore at the end of 2022, has now declined to Rs 13.6 lakh crore.
According to an ET report, while some Adani stocks have managed to recover a part of their losses, Adani Total Gas remains 74% down on a year-to-date basis, struggling to surpass the Rs 1,000 mark after previously reaching close to Rs 4,000. Adani Energy Solutions is also down 61% YTD, while Adani Wilmar, the owner of Fortune edible oils and packaged grocery, has lost about 44% of its value this year.
Adani Enterprises, the flagship entity, has seen a 28% decline in its value, followed by Adani Green Energy and NDTV, which are down 24-25% each. ACC and Ambuja Cements, the group’s cement companies, have been relatively less affected, with ACC experiencing a 15% decline and Ambuja losing about 6% of its market capitalization.On the other hand, Adani Ports and Adani Power have thrived in 2023. Adani Ports has seen a 24% rally in its share price, while Adani Power surprised with a 70% return.
What should investors do?
As the Supreme Court reserved its order on the Adani-Hindenburg row and also said that it cannot ask the regulator to take something published in the media as “gospel truth”, Adani stocks have witnessed a fresh wave of buying.
Adani Green Energy, which has seen a 64% increase in its shares in the last month, plans to issue preferential shares to its founders to meet expansion and refinancing needs. The company aims to achieve a green energy capacity of 45 gigawatts by 2030.

Experts anticipate positive news and new capacities from Adani Green Energy, which has limited coverage from broking firms. “Adani Green Energy has been silent for some time and I expect some strong news flow to take place in addition to new capacities and that is where we see the growth coming in,” said Vinit Bolinjkar of Ventura Securities.
Adani Ports, on the other hand, has 18 buy recommendations and has seen its market share rise from 14% in FY15 to over 26%, with expectations of exceeding 30% by FY25. Jefferies, a financial services company, remains positive on the stock, citing upward double-digit core port EBITDA growth and increased volumes. Their revised target price for Adani Ports is Rs 985, reflecting a rollover to Sept 25E and raised EPS estimates.