Adani Group Shares, Hindenburg’s Hits! Hindenburg vs adani group not only gautam adani lic sbi bank and other investors suffer huge loss
Adani out of top-30
On January 24, 2023, Hindenburg published its report, which caused shares of Adani Group companies to fall by 85%. This affected Gautam Adani’s net worth. Adani, who was once among the top five billionaires in the world’s richest list, has now dropped out of the top-30. Gautam Adani was the third richest businessman in the world with a net worth of $127 billion on January 23, but after the report was revealed, he dropped out of the top 30 list with a net worth of $35 billion.
Bad situation for Adani shares
The Hindenburg report has led to heavy losses in the shares of Adani group companies. Adani shares continued to fall in the last trading day on Friday. Shares of Adani’s flagship, Adani Enterprises, fell 60 percent, while shares of Adani Total Gas Ltd fell 79.71 percent.
Double blow to LIC
LIC, the Life Insurance Corporation of India, one of the largest investors in the Adani group, suffered a double blow. LIC has invested in five Adani Group companies namely Adani Enterprises, Adani Total Gas, Adani Green Energy, Adani Transmission and Adani Ports. Also, the value of LIC’s investment fell by 62% after the decline in Adani’s shares, with the shares falling by 71%.
The Hindenburg Effect! Adani’s shares fall, LIC’s thousands of crores in water, such is the share price
Lose CBI too
Adani shares’ losses are also seen affecting SBI. Adani Group has taken a universal loan from the country’s largest bank and SBI investors are apprehensive about Adani’s increasing debt burden. There are fears in the market that the bank will suffer if Adani fails to repay the loan. In the wake of this, shares of SBI fell as much as 14 percent. The share price was Rs 604.60 on January 23, which fell to Rs 521 on February 23.
Not only Adani-Ambani… 3 Indians ‘Richie Rich’ suffered huge losses, who is ‘Number One’? Look!
Other investors are also affected
Apart from SBI, shares of Bank of India also fell by 18 percent. While the shares of Indian Overseas Bank fell by 17%. Shares of Central Bank of India have lost 16.47% in one month, shares of Punjab and Sindh Bank have lost 15.6% in one month, Bank of Baroda has lost 2% in one month. That is, not only Adani but also many people associated with them have been hit by the Hindenburg report.
