Adani Group loses 29% market value in 3 days as carnage continues
MUMBAI: The massive sell-off in Adani Group stocks continued for the third consecutive session on Monday, wiping out nearly Rs 1.4 lakh crore worth of investors’ wealth. In all, about 29% of the group’s market capitalisation, or about Rs 5.6 lakh crore, has been eroded in the last three trading sessions.
The steep slide in the conglomerate’s stocks — which started on Wednesday after US-based short seller Hindenburg Research released a report criticising the group — also pushed its chairman Gautam Adani to the eighth spot among the world’s richest, down from seventh on Friday and third a week earlier. With a net worth of $88.2 billion (about Rs 7.2 lakh crore), Asia’s richest person is just $4.1 billion (about Rs 33,000 crore) ahead of Reliance Industries NSE -0.52 % chairman Mukesh Ambani, who’s at the 10th spot, according to Forbes’ real time billionaire index.
