Adani Ent breaks 3-day run, group mcap slides by Rs 10k cr

MUMBAI: After a three-session winning run, the stock price of group flagship Adani Enterprises slid into the red again on Friday, while Adani Power hit the 5% upper circuit for the second day, after abandoning its Rs 7,017 crore buyout of DB Power on Wednesday. Adani Total Gas’s slide continued with a 5% lower circuit closure on Friday, it’s 17th consecutive session of lower close since the Hindenburg Research’s damning report against the group was published on January 24.

The loss in the group’s market value also rose by another Rs 10,430 crore with the combined loss to the conglomerate at Rs 10. 7 lakh crore. Currently, the group’s combined market cap is Rs 8. 5 lakh crore.
The slide in the stock prices of the group’s 10 companies has also pulled down its chairman Gautam Adani’s personal wealth to $51. 1 billion, a far cry from $120 billion at the start of the year, Forbes data on world’s billionaires showed. After starting 2023 at the third spot among world’s richest people, the group’s chief is now ranked 24th. Mukesh Ambani, with a net worth of $86. 1 billion, is at the eighth place on the Forbes list.
Friday’s session was again a mixed one for the group’s 10 stocks, with Adani Power again closing at the upper circuit. Along with it, Adani Wilmar and NDTV also closed at the 5% upper circuit. Adani Total Gas was frozen at the 5% lower circuit, along with Adani Transmission, which also closed at the 5% lower circuit.