On the back of the Hindenburg report, Adani Group has lost ₹3.86 lakh crore in market cap in just two trading sessions. Last week, Adani Enterprises, the flagship company of the group, announced raising ₹20,000 crore through the FPO route.

The market cap of the Adani Group at the end of December 2022 was ₹18.13 lakh crore but by Friday closing, the group market cap had fallen to ₹13.89 lakh crore, a drop of 23.42% within a month. Between 2021 and 2022, Adani Group doubled its market cap from ₹9.62 lakh crore to ₹18.13 lakh crore.

At the time of closing of the market, shares of Adani Enterprises quoted at ₹2,762, much below the price band of the FPO. The price band for the offer is ₹3,112 to ₹3,276.

The Hindenburg report was published on Wednesday and within a day the group lost ₹85,760 crore in market cap. Till Friday closing, the group cumulatively lost another ₹3 lakh crore in market cap. The massive loss of over ₹3.86 lakh crore within two trading sessions by the Adani Group has also dented the overall sentiment for Indian equities. Nifty 50 Index till Friday closing lost 287.6 points, while in the last two days the loss is over 513 points. Apart from Adani Group shares, the biggest loser in Friday’s trade was Bank Nifty, which shed over 1,302 points by the closing session.

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