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MUMBAI: The market rout in Adani Group continued on Tuesday with six of the 10 stocks frozen at the 5% lower circuit level while Adani Enterprises, the flagship, closed 7.1% down. As a result, the group’s total market capitalisation plummeted by Rs 50,165 crore, the worst fall in over a month.
After a relatively quiet few weeks, the rout in Adani stocks had started again on Monday after it was reported that subscribers to government-run pension funds are also facing losses due to exposure to Adani Enterprises and Adani Ports. There is pressure on the EPFO to limit such losses by changing its investment rules.
Since January 25, the total mcap of Adani Group has more than halved to Rs 8.9 lakh crore from Rs 19.2 lakh crore, BSE data showed.
On Tuesday, another report claimed that although Adani Group claimed to have paid back all its lenders from whom it had borrowed against shares, that may not be fully true. During the day, the NSE had sent a mail to Adani Group for its comment on the report relating to pledging of shares. Till late evening, the group had not responded to the query.
LIC stock sets new floor of Rs 535
The slide in the stock price of LIC continued on Tuesday as it fell to a fresh intraday life-low mark of Rs 535 on the BSE before settling at another record low close of Rs 537. The slide came on the back of reports that LIC’s investments in Adani Group stocks were in the red.
After a relatively quiet few weeks, the rout in Adani stocks had started again on Monday after it was reported that subscribers to government-run pension funds are also facing losses due to exposure to Adani Enterprises and Adani Ports. There is pressure on the EPFO to limit such losses by changing its investment rules.
Since January 25, the total mcap of Adani Group has more than halved to Rs 8.9 lakh crore from Rs 19.2 lakh crore, BSE data showed.
On Tuesday, another report claimed that although Adani Group claimed to have paid back all its lenders from whom it had borrowed against shares, that may not be fully true. During the day, the NSE had sent a mail to Adani Group for its comment on the report relating to pledging of shares. Till late evening, the group had not responded to the query.
LIC stock sets new floor of Rs 535
The slide in the stock price of LIC continued on Tuesday as it fell to a fresh intraday life-low mark of Rs 535 on the BSE before settling at another record low close of Rs 537. The slide came on the back of reports that LIC’s investments in Adani Group stocks were in the red.
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