Mumbai: Gautam Adani-led Group stocks lost up to 20 per cent of their value during the trading session on Thursday with a number of these high beta counters hitting lower circuits for the day. Amid this sharp selloff, investors of 10-listed Adani Group counters lost more than as much as Rs 2.60 lakh crore at the opening tick.
Adani stocks were tumbling sharply lower on Thursday after US prosecutors indicted billionaire Gautam Adani and seven other senior business executives in connection with an alleged $250 million bribery scheme that they said was concealed from US investors.
The total market capitalization of all 10-listed Adani Group companies tumbled to Rs 11,91,557.79 crore on Thursday, which stood at Rs 14,24,432.35 lakh crore on Tuesday. It means the investors lost about Rs 2.60 lakh crore in the early session.
Adani Enterprises Ltd, the flagship company of the Adani Group, was the biggest loser. It hit the third daily circuit of 20 per cent to Rs 2256.2 on Thursday, from its previous close at Rs 2,820.2 on Tuesday. The total marketcap of the largest Adani Group firm was down Rs 61,096.85 crore to Rs 2,60,406.26 for the day.
Adani Ports & Special Economic Zone Ltd, another Nifty50 constituent from Adani Group, tumbled 20 per cent to Rs 1,031.25 for the day. Its total market capitalization was down by 55,688 crore for the day. Adani Green Energy Ltd was the next biggest loser in terms of mcap wipe out. The stock tumbled more than 19 per cent to erase Rs 42,887.68 crore from its valuations.
Adani Power Ltd, which was down 18 per cent for the day, lost nearly Rs 36,000 crore of mcap. Similarly, shares of Adani Energy Solutions, previously known as Adani Transmission Ltd, was locked in the lower circuit limit of 20 per cent, giving up Rs 21,000 crore from its valuation. Adani Wilmar Ltd was down 10 per cent, with a lost of 4,289 crore loss in the mcap.
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