BSE Worst Performers, Adani shares light up! Hindenburg effect most adani group stocks continue to bleed three as top loser since January 2
Market cap dropped by more than half
Talking about the decline of Adani stocks, on January 23, Hindenburg published a negative report raising 88 questions about the Adani Group. It made several serious allegations against the group, ranging from loans to manipulation of shares. Investors started pulling out of the Adani Group after the Nathan Anderson-owned company’s report was released, and the trend continues to date.
Adani Group’s market capitalization (market cap) has fallen by more than half as the shares have seen a sell-off in the past one month. The total market cap of Adani’s 10 listed companies in the Indian market has fallen from around Rs 19.20 lakh crore on January 24, 2023 to Rs 7.58 lakh crore on February 22, 2022. That is, there was a decrease of 11.62 lakh crore rupees within a month.
‘Adani’ shares disappointed
While all of Gautam Adani’s companies have fallen since the release of the Hindenburg report, three stocks have broken all-time records for declines in the period. This has placed them among the top three worst performing stocks on the BSE.
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Adani Total Gas
On January 24, 2023, shares of Adani Total Gas Limited were trading at Rs 3,885.45. A month later, on Wednesday, February 22, the stock fell to Rs 834.95. After the stock market opened on Thursday, the fourth trading day of the week, the stock took a lower circuit and closed down 5% at Rs 791.35.
Do not stop falling! Is Hindenburg’s warning coming true? Adani’s companies are in dire straits
Adani Green Energy
Adani Green Energy’s stock tops the list of Adani Group’s worst performing stocks. The stock was trading at Rs 1,913.55 on January 24 before the publication of the Hindenburg report. After that it started a downward trend till now its price has fallen more than 71.8%. The stock also hit a lower circuit on Thursday and closed down 5% at Rs 512.10.
Adani Transmission
Adani Transmission’s stock also left investors virtually destitute. The stock took a lower circuit as the market opened on Thursday and ended the day down 5 percent at Rs 749.75 per share. Note that the share price was Rs 2,762.15 on January 24, 2023 while the shares have fallen by 71.4 percent since the Hindenburg report. Meanwhile, the stock’s 52-week high is Rs 4,238.55.
