Adani Enterprises, the flagship firm of the Adani Group, plunged over 26 per cent, triggering panic on Dalal Street just a day after the company’s Rs 20,000 crore FPO sailed through successfully.
Shares of Adani Group companies continue to fall even after the successful share sale of Adani Enterprises. (Photo: Reuters)
By India Today Web Desk: Shares of Adani Group companies encountered a massive crash on Wednesday, triggering wild volatility in benchmark stock indices that went up after Finance Minister Nirmala Sithraman presented the Union Budget 2023.
Adani Enterprises, the flagship firm of the Adani Group, plunged 26.70 per cent, triggering panic on Dalal Street just a day after the company’s Rs 20,000 crore FPO sailed through successfully.
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At around 3 pm, the S&P BSE Sensex was down over 300 points, while the NSE Nifty50 fell over 1.2 per cent. However, both benchmarks gained momentum shortly after. This indicates that markets are witnessing massive volatility due to the rout in Adani Group stocks.
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The drop in 10 listed companies of Adani Group has severely impacted the stock markets. Four of 10 Adani group stocks had hit their lower circuits at around 3 pm, leading to a massive erosion of total market capitalisation.
Adani Total Gas (down 10 per cent), Adani Power (down 4.98 per cent) and Adani Wilmar (down 5 per cent) and NDTV (down 5 per cent) hit their lower circuits.
Meanwhile, Adani Transmission plunged nearly 9 per cent and Adani Green Energy fell over 9 per cent. Adani-owned cement firms, Ambuja cement (down 14 per cent) and ACC (down 5 per cent), also fell sharply and encountered a fresh wave of volatility.
The sharp fall in the valuation of Adani Group stocks has not only impacted the Indian markets, but also hurt billionaire Gautam Adani, who is no longer the richest Indian in the world.
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