Adani Stocks: Group’s market value now less than that of top 3 giants

flagship company Adani Enterprises Maximum selling was seen on Monday. stock fell Will close at 102.20 or 5.94% 1,619.55 on BSE at Rs. Its market cap remained at 1,84,628.88 crores.

Besides this, three Adani stocks namely Adani Transmission, Adani Total Gas and Adani Green Energy hit the lower circuit of 5% each.

Adani Green’s market cap at the end of February 20 is approx. 94,645.94 crore, while the market cap of Adani Transmission and Adani Total Gas is close to Rs. 97,482.91 crore 1,01,743.43 crore respectively.

During this, Adani Ports closed roughly flat on Compared to the previous close of 579.65 578.80 per share on BSE. Its market cap is around 1,25,212.45 crores.

Adani Ports said it paid 1,500 crore loan on Monday and promised to repay more as the embattled empire chalks out a comeback strategy.

Adani Wilmar stock trades volatile, despite being added to Nifty Next 50 index 429.45 on the BSE, down 1.94%. The market cap of the FMCG player is around 55,814.70 crores.

Adani Power is the only company which has seen a huge jump in its share price in percentage terms. The company’s stock has closed on the upper circuit of 5 per cent. With a market cap of 163 62,868.10 each. This will be Adani Power’s third consecutive upper circuit commissioned following the termination of the DB Power deal.

On the other hand, its cement business, Ambuja Cement shares closed flat With a market cap of 353.30 70,152.85 crores. Although a subsidiary, ACC share price ended the day up about 0.6% With a market cap of 1,850.75 34,754.73 crores.

Overall, the market cap of Adani’s nine listed stocks declined by approx. 25,033 crore on Monday as compared to the previous session.

These stocks together hold the market valuation 8,27,303.99 crore as on 20 February, which is much lower than the market cap of Reliance Industries (RIL), Tata Consultancy Services (TCS) and HDFC Bank. Last year, the market value of Adani’s shares cumulatively surpassed even that of Mukesh Ambani’s RIL.

RIL’s market cap ended on Monday 16.34 lakh crore, remains the most valuable Indian firm in terms of market share. The market cap of TCS is over at number two 12.75 lakh crores. And on the third position HDFC Bank has a market cap of approx. 9.15 lakh crores.

During Monday’s trading session, Adani Group’s market capitalization fell below $100 billion—fell more than $135 billion since the Hindenburg Research report released in late January.

The conglomerate has seen a steep fall in market valuation to $200 billion from its peak of $290 billion in September last year.

Exchanges like NSE, MSCI and FTSE Russell have made changes to their indices. NSE has added two stocks namely Adani Wilmar and Adani Power to its Nifty Next 50 Index and Nifty Next 500 Index with effect from March 31, 2023 respectively. While reports said three Adani group companies – Adani Power, Adani Total Gas and Adani Transmission – are expected to be removed from the MSCI India index during the rebalancing exercise in May following a sharp correction in their stock prices.

Whereas, Footsie, the London Stock Exchange, confirmed that it intends to proceed with the index review changes set for Adani Group (India) and its associated securities. Earlier, FTSE added 10 Indian stocks to its Global Large-Cap Index as part of its half-yearly index review, but Adani’s shares remained unaffected.

Adani’s empire is battling allegations of fraud, stock manipulation and tax evasion by Hindenburg. Reports of short sellers led to a frenzied selloff in Adani shares since January 24, wiping off billions of dollars in wealth.

Currently, the case of Adani and Hindenburg is being heard before the Supreme Court in India.

Earlier today, a Supreme Court bench refused to take on record a report published by Forbes about Adani Group’s share deals.

Last week, the apex court contemplated setting up a committee to assess the market regulatory framework and recommend measures that could be adopted to protect investors in the wake of the Adani-Hindenburg case. On Friday, the court refused to take suggestions on the panel of experts in a ‘sealed cover’ and assured complete transparency.