MUMBAI: Even after two days of strong denials and threat of legal action by the Adani Group against a report by US-based Hindenburg Research, stock prices of group companies were pummelled on Friday. Three of the 10 stocks fell as much as 20% each to hit the lower circuit breaker.
The two-day sell-off left the group’s shareholders poorer by $51.6 billion or about Rs 4.2 lakh crore, BSE data showed. It also wiped off over $25 billion of the personal net worth of Gautam Adani, the group’s chairman, to below $100 billion and relegated him to seventh richest in the world, from third earlier this week, Forbes data showed. The group chairman’s net worth is now at $96.6 billion (about Rs 7.9 lakh crore).
The two-day sell-off left the group’s shareholders poorer by $51.6 billion or about Rs 4.2 lakh crore, BSE data showed. It also wiped off over $25 billion of the personal net worth of Gautam Adani, the group’s chairman, to below $100 billion and relegated him to seventh richest in the world, from third earlier this week, Forbes data showed. The group chairman’s net worth is now at $96.6 billion (about Rs 7.9 lakh crore).
The sensex dropped 874 points or 1.5%, its biggest single-day loss in over a month, to settle at 59,331, its lowest close since October 21. SBI was 5% lower at Rs 540, while LIC lost 3.5% to Rs 666 on concerns over exposure to the group.
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