7 Adani stocks drop up to 23% and lose $2.83 billion in market value on the Hindenburg report.
Following an accusation from a US-based financial research firm that it had “pulled the greatest scam in corporate history,” the Indian Adani group suffered losses on the stock exchanges for a second straight day.
The holding company for the firm, Adani Enterprises, saw a loss of about 19% on Friday (Jan. 27), with shares ending the day at 2,762 rupees per share ($33.85). The stock’s decline was the greatest since 2017.
Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green Energy, and Adani Ports & SEZ were all in the red, making up five of Adani’s seven publicly traded companies. Market capitalization losses for Adani Total Gas were close to $9.7 billion, Adani Green Energy was close to $7 billion, and Adani Transmission was close to $6.4 billion.
