Hindenburg’s injury: According to an estimate, the Adani Group has incurred a loss of about Rs 9 lakh crore in 10 days. On Friday, much bad news related to Gautam Adani came. But in the meanwhile good news changed the whole atmosphere, the effect of which was seen on the shares. Some Adani Group shares closed in the green.
A storm named Hindenburg comes, and the entire empire of Gautam Adani is shaken. From India to the whole world, at this time only and only Adani is being discussed. Where only 10 days ago Gautam Adani was the fourth richest man in the world. But now his wealth is going into the abyss. After the blow from Hindenburg, the shares of Adani Group are continuously falling upside down.
According to an estimate, Adani has incurred a loss of about Rs 9 lakh crore in 10 days. On Friday, much bad news related to Gautam Adani came. But meanwhile, good news changed the whole atmosphere. Big 10 updates regarding Adani Group, which were in headlines.
1. Uproar over Adani in Parliament:
Parliament has been stalled for the last two days in the name of Adani, the budget has been presented. But the budget has not been discussed, the opposition is adamant that the Parliament will not run until the JPC is formed, which means this ruckus is not going to stop now. On the one hand Adani’s shares are falling in the stock market and on the other hand the opposition is fully mobilized.
2. Dow Jones gave the first shock in the morning:
Bad news comes for Adani from America’s Stock Exchange Dow Jones on Friday morning. It is learned that Adani Enterprises has been dropped from the Sustainability Index of Dow Jones. As soon as this news came, the shares of Adani Enterprises saw a decline of up to 35%. However, in the end the business registered a decline of only two per cent.
3. Heavy fall in shares of Adani Group:
Since the Hindenburg report, the shares of Adani Group have continued to fall heavily. The share of Adani Enterprises, which was Rs 3,442 on January 24, fell to Rs 1,530 on February 3. The share of Adani Transmission, which was Rs 2,762 on January 24, came down to Rs 1,396 on February 3, ie a 50 per cent decline. Shares of Adani Ports also closed at Rs 488 on Friday as compared to Rs 751 on January 24. The market cap of Adani Group companies has decreased by about 9 lakh crores amid the ongoing decline for 7 consecutive days.
4. These banks gave loan to Adani Group:
Many banks of the country including SBI have given loans of Rs 81,200 crore to Adani Group companies. SBI has told RBI that it has given a loan of Rs 23000 crore to Adani Group. At the same time, Punjab National Bank has told that it has given a loan of 7000 crores to Adani Group. It has been said on behalf of the chairman of SBI that people need not fear about the loan given to Adani Group. RBI has sought details of loans and investments given to Adani Group from all the banks in the country. However, banks have said that their investment in Adani Group is safe.
5. How much investment of LIC in Adani Group:
LIC has invested Rs 36,474.78 crore in bonds and equity of Adani Group. Before Hindenburg’s report, the value of this investment was double i.e. Rs 77000 crore. LIC also says that the uproar in Adani Group will not affect them.
6. Adani out of the list of top-20 rich:
Hindenburg’s report brought Gautam Adani, who reached number 2 in the list of billionaires in the world, to 21st position. At present, in the real time rating of Forbes, Adani is standing at the 17th position in the list of the world’s richest people. His net worth has reached $61.9 billion. While earlier on Friday morning in Bloomberg’s Billionaire Index, Adani was slipped to number 21 of the world’s richest people. Adani has lost net worth of $48.5 billion this year.
7. Close watch of NSE:
— Adani Group (@AdaniOnline) February 2, 2023
NSE has included three shares of Adani Group in the Additional Surveillance Measures (ASM) list for short term. These include Adani Port, Adani Enterprises, and Abuja Cement. ASM is a method of monitoring, through which market regulator SEBI and market exchanges BSE, NSE keep an eye on it. Its goal is to protect the interests of investors.
8. Moody’s mood is also bad:
The statement of rating agency Moody’s has come in this matter. The agency said- the cash position of Adani Group will be assessed. Right now it will be difficult for them to raise funds. Whereas before this, the Swiss company Credit Suisse stopped accepting the bonds of the group as a guarantee for giving margin loans. Citigroup also removed the landing value of the company.
9. Shock from Bangladesh too:
Meanwhile, the Bangladesh government has demanded amendment in the deal with Adani Group in the energy sector. Bangladesh Power Development Board wrote a letter to Adani Power on Thursday. In this, there has been a demand to change the prices of electricity purchase. BPDC says that it is getting electricity at an expensive rate. BPDC signed a deal with Adani Power in November 2017 for supply of 1496 MW power for 25 years.
10. Fitch rating gave good news:
— Manoj Mehta (@ManojMehtamm) January 30, 2023
Adani Group got good news from Fitch Ratings amidst bad news one after the other. Fitch rating agency says that there will be no immediate impact on the rating of companies or securities of Adani Group. Fitch Ratings also says that it expects no major change in Adani Group’s cash flow forecast.