Shares of Adani Group companies continued to fall for the third consecutive day. Its three companies experienced lower circuits for the third consecutive day. A lower circuit means there cannot be more falls than that in a day. These three companies include Adani Transmission, Adani Power, and Adani Total Gas.
Shares continued to fall since Monday after news of three foreign investors freezing their money in Adani Group companies. On Monday, the stock of Adani Enterprises had fallen 22%. Apart from this, the shares of the remaining 5 listed companies had seen a decline ranging from 5 to 15%. Although there was a recovery in the shares of three companies by the end of the evening, the shares of the remaining three are continuously in the lower circuit.
86 thousand crore reduction in market cap
Due to this fall, the market cap of Adani Group companies has fallen by more than Rs 86 thousand crore in three days. The market capitalization of all the 6 listed companies was Rs 9.42 lakh crore on Friday, which fell to Rs 8.56 lakh crore on Wednesday. The biggest reduction in this has come in Adani Total Gas. Its market cap has decreased by Rs 25 thousand 494 crores. Its market cap was Rs 1.78 lakh crore on Friday, which rose to Rs 1.53 lakh crore on Wednesday.
The lower circuit continues for three days
Shares of Adani Transmission, Adani Power, and Adani Total Gas are showing a lower circuit for three consecutive days. That is, it continues to decline by 5-5%. Shares of all 6 companies fell on Wednesday. Adani Enterprises fell 1% while Adani Port fell 4%. Adani Green Energy's stock was also trading down 3%. However, the promoter's stake in these companies is quite good. Promoter stake in its three companies is above 74%. The lowest stake is in Adani Green Energy and Adani Total Gas at 56.29-56.29%. Foreign investors account for more than 20-20% of four companies. While one has 11 and one has a 17% share.
Narendra Solanki, an analyst at Anand Rathi Brokerage House, says that till the situation is not clear, investors should stay away from such stocks. He believes that the situation regarding foreign investors is not clear yet. KR Deven Choksi, MD, Choksi, says that for the time being, the company's shares should be monitored. A decision should be taken only after the situation becomes clear. However, he believes that this group is in a lot of sectors, so in the long term, all this matter may end.
Doubt on investment of 3 foreign investors
The reason for the fall in the shares was that SEBI caught three such foreign investors in the group companies, which are believed to be bogus. These three investors are – Albula Investment Fund, Cresta Fund, and APMS Investment Fund. They are registered at the same address as Port Louis, the capital of Mauritius. They don't have a website. SEBI has frozen the investments of these three.
Lost the title of the second richest person in Asia
Gautam Adani has also lost the title of the second richest person in Asia due to the fall in his net worth due to stocks. According to the Forbes list, China's Zhong Shanshan has now become the second richest person in Asia. At the same time, Gautam Adani is the third richest person. Zhong Shanshan's net worth has dropped by $2.1 billion in the past 24 hours. Now Shanshan's total net worth is $70 billion. At the same time, the net worth of Gautam Adani is $ 69.5 billion. However, Shanshan's net worth is just $0.5 billion more than Gautam Adani's. Gautam may soon overtake Shanshan.
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