Adani stocks continue to fall; mcap loss widens to Rs 8.79 lakh crore
Mumbai: The fall in most Adani Group stocks continued on Thursday, wiping out a further ₹1.34 lakh crore off their market capitalisation, totaling ₹8.79 lakh crore or $110 billion of erosion in six trading sessions.
Adani Enterprises NSE -15.68 % plunged more than 26% on Thursday after the company on Wednesday night unexpectedly announced the withdrawal of its ₹20,000-crore follow-on public offer (FPO), which had been successfully completed the day before. While trading in six other stocks stopped after hitting their respective lower circuit barriers, ACC NSE -4.05 % and Ambuja Cements NSE -2.41 % bucked the weak trend. Analysts said the crash in the conglomerate’s stocks following the release of the Hindenburg Research report has created selective buying opportunities for contrarian investors.
