Loss of Adani group companies reduced to $ 50 billion, increasing pressure on Asia’s richest man
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New Delhi : After the report of the American financial research company Hindenburg Research, the companies of Adani Group of Gautam Adani, the richest person in Asia, have suffered a loss of about $ 50 billion in market capitalization (market cap). The combined market capitalization of the seven listed companies of the Adani Group had reached nearly Rs 4 lakh crore till Wednesday. After the Hindenburg report, due to the increase in the selling of shares of these companies, a rapid decline in their market capitalization was recorded.
FPO of Adani Enterprises affected
According to media reports, the pressure on Asia’s richest man has increased due to the rapid decline in market capitalization. The reason for this is being told that the primary follow-up public offering (FPO) of Gautam Adani’s Adani Enterprises is coming soon. Due to the rapid decline in market capitalization, investor sentiment towards Adani Enterprises shares is at risk of being affected after the launch of its FPO worth about $ 2.5 billion.
Adani Enterprises loss up to 9.7 percent
According to media reports, shares of Adani Green Energy and Adani Total Gas among the listed companies of Adani Group declined by up to 20-20 per cent on Friday, respectively. Besides, Adani Enterprises lost up to 9.7 per cent, which stood at Rs 3,276. The rupee ($52.75) slipped below the level at which shares were allotted in the additional equity sale to anchor investors. On Wednesday, the market value of Adani’s shares was reduced by $ 12 billion. Indian markets remained closed on Thursday.
Bad start to the new year for Adani shares
It’s been a bad start to the new year for Adani shares, which were among the best performers in Asia in 2022. The Group’s shares made Gautam Adani the richest person in Asia. Hindenburg Research is not the first research firm to raise concerns about the Adani Group. CreditSights, a unit of Fitch Group, said in an August report that the Adani Group is “highly leveraged” and has a “disordered balance sheet”.
Hindenburg warned of legal action
Let us inform that on January 24, 2023, a report was released by the American financial research company Hindenburg Research, in which after two years of investigation in Adani Group companies, widespread allegations of corporate misconduct were made. After the Hindenburg report came out, Adani Group said that it is considering legal action after the maliciously mischievous and unsolved report. According to a statement on Twitter, Hindenburg said he fully stands by his report. Any legal action taken against it will be void.
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