Adani Group stocks hammered, in the last two days investors loses 4.2 Lakh Crore

Current Affairs

  • Recently, a US-based investment research firm, Hindenburg Research, published a research report on the Adani Group.
  • The report claims that the Adani Group is holding a short position on the Adani stocks, signaling that the shares of Adani Group are overpriced and will dip in value soon.
  • 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.

Impact on the Adani Group:-

  • Seven listed companies in the Adani Group lost over $10.73 billion dollars in market capitalization on 25th January i.e., after the release of the Hindenburg report.
  • It also wiped off over $25 billion of the personal net worth of Mr. Gautam Adani to below $100 billion and relegated him to 7th richest in the world, from 3rd earlier this week.

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