Adani Group stocks tumble by 12,500 cr

Retail investors and high networth individuals in the Adani group of companies plunged by more than 12,500 crore from January 24, 2023 to January 30, 2023. After a report from the US short-seller Hindenburg Research last week claimed that the Indian giant had engaged in stock manipulation and accounting fraud over the course of the last few decades, the shares of the group saw a heavy selloff.

The total investment value of individual investors in the 10 listed Adani group of firms fell to Rs 41,499 crore on January 30, 2023, from Rs 54,066 crore on January 24, 2023. The most share of Adani Total Gas went up to 39.58 per cent, to Rs 2,347 at the end of the day. 65 from 3,885. Adani Transmission was down 38 per cent Adani Green Energy down 38 per cent Adani Ports down 21.55 per cent Adani Power down 14.25 per cent and NDTV down 14.23 per cent, according to the chief equity advisor, Intelsense, told Business Today TV that it is very hard to figure out what is going on. If you are a long-term investor and looking to invest in Adani group stocks, I would recommend you avoid them right now and wait for the dust to settle down. We don't have any position in Adani stocks. A follow-on public offer of Rs 20,000 crore by Adani Enterprises was subscribed to 29 per cent on the last day of the subscription to 12.33 pm IST The portion reserved for retail individual investors was subscribed to 7 per cent, while the portion reserved for qualified institutional investors was subscribed to 49 per cent at the same time.

Jugeshinder Singh, Group CFO, Adani said last week that the report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts.

He said that the timing of the report's publication clearly shows a brazen, mala fide intent to damage the Adani Group's reputation with the aim of damaging the upcoming follow-on public offering from Adani Enterprises, the biggest FPO in India.