At the close of Wednesday’s trading, the aggregate market capitalisation of the 11 Adani group companies was Rs 14.7 lakh crore, down from Rs 15.8 lakh crore a day earlier, official data showed.Stock prices of all Adani group companies closed sharply lower, with the highest loss in Adani Total Gas that closed 9.5% down.Market players didn’t assign any particular reason to the sharp selloff in Adani group’s stocks other than the general market slide during the day, mainly on fears of massive overvaluation in mid- and small-cap stocks and the profit taking that started last week.
Among the Adani group companies, Adani Green Energy lost the most in market capitalisation. As the stock closed 9.1% lower, the loss in market cap was nearly Rs 27,300 crore. This was followed by group flagship Adani Enterprises, which lost almost Rs 24,600 crore worth of market value.
The minimum loss in market cap was recorded by Sanghi Industries – on a market cap of Rs 2,815 crore as of Tuesday’s close, it lost Rs 257 crore during the day.
In late Jan 2023, the stocks of Adani group, totalling 10 at that time, had faced a five-week long selloff after the Hindenburg report. The shortseller had accused the group corporate malpractices, which the group has denied. From a high of Rs 19.2 lakh crore on Jan 24, the day the report was published, by Feb 27 of that year, the group’s market cap was down to Rs 6.8 lakh crore. Since then, except for some odd days of losses, the group’s market value has more than doubled.