Adani Group hits lower circuit, out of $100 billion m-cap club

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Just last week, billionaire Gautam Adani’s ports-to-energy conglomerate was in news as it become India’s third group to cross $100 billion in market capitalisation last week. But on April 12, the sell-off led by rising COVID-19 cases and the possibility of a lockdown in Maharashtra, saw Adani Group’s market capitalisation wiped off by approximately Rs 94,000 crore. As of 1:05 pm, the group’s market cap added up to Rs 6.90 lakh crore taking it out of the $100 billion market-cap club.

The six listed companies in Adani Group include Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Ports, Adani Green Energy and Adani Power lost anywhere between 5- 9%. Three out of the six group companies namely Adani Green Energy, Adani Power & Adani Transmission were locked in the lower circuit.

In the afternoon trade investors wealth tanked by Rs 8.36 lakh crore. The total market capitalisation of BSE listed companies declined to Rs 201.37 lakh crore at around 13:14 (IST) against Rs 209.64 lakh crore on Friday. The benchmark BSE Sensex nosedived 1,678 points, or 3.38%, down at 47,913. On the other hand, the 50-share Nifty index was at 14,326, tumbling 508 points or 3.43%.