Billionaire Gautam Adani’s, Adani Group, faced another day of market losses on Wednesday as all 10 of its stocks ended the day in the red. The group’s market valuation fell by approximately Rs 51,294 crore, or roughly $7 billion USD.
The crisis in Adani Group stocks has deepened in recent weeks, with several of the group’s companies seeing significant drops in their stock prices. Adani Ports and Special Economic Zone, for example, plummeted by 12% on Wednesday, while Adani Enterprises crashed by over 10%.
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Investors have been increasingly concerned about the Adani Group’s high debt levels and their close ties to Indian Prime Minister Narendra Modi’s government. The group has faced several controversies in recent years, including protests against the construction of a new coal mine in Australia and allegations of insider trading in the past.
Despite these challenges, Gautam Adani has remained optimistic about the future of his companies. In a recent interview, he emphasized the group’s long-term growth prospects and commitment to sustainability, stating that “we are very bullish about the future, we are very confident about the future.”
As the Adani Group continues to grapple with these market challenges, many investors will be watching closely to see how the group responds and whether it can regain its footing in the coming weeks and months.
The Rout of stock continues:
On Wednesday, the decline in the stocks of all Adani Group companies persisted as they followed the trend of the overall domestic stock market. Adani Enterprises suffered a massive 10.43% drop, with its closing value at Rs 1,404.85 on the BSE. Similarly, ACC’s shares on the Mumbai exchange also fell by 3.97% to Rs 1,755.20.
The other companies in the Adani Group also suffered losses, with Ambuja Cement witnessing a 4.92% drop in its share value, while Adani Power, Adani Transmission, and Adani Total Gas were subjected to a 5% lower circuit limit.
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