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Big Blow To Adani Stocks, 7 Stocks Fall Up To 23% Post Hindenburg Report

Three companies saw a fall of 20 per cent, two witnessed a fall of around 18 per cent and 15 per cent, while two were at 5 per cent

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Stocks of 7 companies of Adani group fell by nearly 23% on Friday

The stocks of Adani Group companies continued to lose their ground even on Friday following the impact of the Hindenburg report. Seven of the group’s companies saw their stocks falling up to 23 per cent and it is expected that the loss is about Rs 2.83 lakh crore in M-Cap. 

Five of Adani group company stock plunged big on Friday. These included Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green Energy and Adani Ports and SEZ. Adani Total Gas was seen trading at Rs 2,928.00 and dropped by 20.00 per cent, alongwith Adani Green Energy (Rs 1,486.25) and Adani Transmission Ltd (Rs 2,014.20) which also saw a downfall of 20 per cent each. Adani Enterprises Ltd fell by 18.31 per cent to trade at Rs 2,768.50, while Adani Ports and Special Economic Zone fell by 15.24 to Rs 604.50. 

According to estimates, Adani Total Gas lost Rs 79,788 crore, followed by Adani Green Energy, which lost Rs 57,876 crore and Adani Transmission which lost Rs 52,531.90.

Meanwhile, Adani Wilmar and Adani Power too fell by 5 per cent each. Adani Wilmar dropped to Rs 516.85, while Adani Power fell to Rs 247.95. 

It may be recalled that the stocks of Adani Group companies have been witnessing strong selling post the release of the Hindenburg Research, alleging a ‘fraud’. Market analysts say that  the current momentum is bearish for the group.

Meanwhile, reacting to the report on Wednesday, the Adani Group had released a media statement stating that it was shocked that Hindenburg Research had published a report without making any attempt to contact the company or verify the factual matrix. "The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts," said the company in a statement.