A fall in Adani Group shares has seen India lose its place among the world’s five largest equity markets, as the South Asian country’s market capitalization fell below that of France on Monday to $3.2 trillion.
India’s slip to sixth place has a gap of a little over $100 billion with the UK in seventh place, according to data compiled by Bloomberg, which represents the combined value of primary listed companies in the respective country. As the recession enters its fourth season, India may slip further down the rankings, with units of the Adani group facing losses of $75 billion, according to a Bloomberg report.
Adani Stocks market status continued after Hindenburg Research issues damning report flagging concerns about debt and tax haven use in port-to-energy group
Adani Transmission, Adani Total Gas, Adani Green Energy, Adani Power and Adani Wilmar fell between 5% and 20%, Reuters reported.
Flagship Adani Enterprises, which faces a crucial test this week with a follow-on share offer, swung between gains and losses before ending 4.8% higher. This was well below the offer price of the issue, which if successful would have been the biggest ever share offer in India, Reuters reported.
Gautam Adani According to the Bloomberg Billionaires Index, has lost his spot in the world’s top 10 richest list and is now ranked 11th with a net worth of $84.4 billion.
Adani’s 20,000 crore-shares got fully booked on Tuesday as investors pumped in funds after a tumultuous week for the group, in which its shares were buoyed by short-seller reports.
According to BSE data till 3:10 pm, the FPO witnessed subscription of 1.02 times due to strong demand from NII, QIB.
(with inputs from agencies)
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