[Arguably, the most striking feature of this (ongoing process of) exposé is that -- very much unlike in the case of the (incredible?) BJY or, prior to that, the historic farmers' protests -- this time, the mainstream media is pretty much engaged with the issue. Of course, there're attempts at whitewashing, but silence is no longer an option. In a much integrated world, the pressure from the global media is also an important factor. (A latest illustration: < https://www.ft.com/content/38ff5ff6-aebe-46ae-bb97-c8071818b55d>.)]
https://m.economictimes.com/markets/stocks/news/bloodbath-in-adani-stocks-hindenburg-bombshell-leaves-rs-12-lakh-crore-crack-in-1-month/articleshow/98197867.cms *Bloodbath in Adani stocks: Hindenburg bombshell leaves Rs 12 lakh crore crack in 1 month* ETMarkets.com Synopsis As seen from their 52-week high levels, Adani Green Energy stock is the worst performer as it has lost 84% of its market value from its 52-week high level. The counter was locked in a 5% lower circuit limit today at a new 1-year low of Rs 486.75. By Nikhil Agarwal, ETMarkets.comLast Updated: Feb 24, 2023, 02:59 PM IST36 NEW DELHI: A bombshell report by Hindenburg Research has left a Rs 12 lakh crore crack in the portfolios of Adani investors in just one month. With stocks falling up to 84% from their 52-week high levels, the total market capitalisation of all 10 Adani stocks has reduced by 62% to Rs 7.32 lakh crore in a month. When the report was released on January 25, the 60-year-old self-made tycoon from Ahmedabad was the third richest billionaire in the world and is now down to the 29th spot as a result of the rout in stocks of Adani Group companies. As seen from their 52-week high levels, Adani Green Energy stock is the worst performer as it has lost 84% of its market value from its 52-week high level. The counter was locked in a 5% lower circuit limit today at a new 1-year low of Rs 486.75. Similarly, Adani Transmission and Adani Total Gas shares are also down 83% and 81%, respectively, from their 1-year high levels. Both the scrips were locked in 5% lower circuits on Friday. The ports-to-edible oil conglomerate's flagship entity Adani Enterprises, which had to withdraw its Rs 20,000 crore FPO in the wake of the stock rout, has lost 67% of its value from its 52-week high level. Shares of the group's cash cow, Adani Ports, have also lost 43% from its 52-week high and were trading 1% higher at Rs 559 today. In the last one month, the Hindenburg report has also found echoes in the Parliament, the corridors of the Supreme Court, and regulatory bodies. To protect the interests of Indian investors against market volatility in the backdrop of the Adani Group stock rout, the Supreme Court asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanism. On its part, Adani Group has also been trying to soothe investor nerves by prepaying some loans and talking about the strength of its balance sheet and business models. Investors, however, hardly seem to be convinced. Those trying to catch the falling knife in Adani counters are left bleeding hard. The Adani crisis also has had a contagion impact on the market mood as the Nifty is down over 3% in the last one month. Despite positive reports from brokerages and analysts on the health of the Indian banking system and their limited exposure to Adani companies, Nifty Bank has lost over 6% in the last one month. The state-owned Life Insurance Corporation of India or LIC, which is among the largest domestic investors in Adani companies, is also on the brink of making a notional loss in its Rs 30,000 crore equity investment in the conglomerate. -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to greenyouth+unsubscr...@googlegroups.com. To view this discussion on the web, visit https://groups.google.com/d/msgid/greenyouth/CACEsOZitq5C9%2BEakEiUETVHU8O7xMOaUgCLb-pcE6NZM0HH99Q%40mail.gmail.com.
