Adani stocks plunge further post Rs 20,000-cr FPO call-off

Mumbai: Shares of Adani Group companies continued to remain under pressure on Wednesday. The additional decline came after the Adani Group announced late Wednesday evening that it had decided to call off the Rs 20,000 crore FPO of Adani Enterprises Ltd (AEL) and said that it would refund the money to the investors.
While shares of Adani Enterprises tanked another 26.50 per cent, shares of Adani Transmission, Adani Green Energy and Adani Total had fallen 10 per cent. While Adani Ports was down 6.13 per cent, Adani Power and Adani Wilmar were down 5 per cent each.
Meanwhile, Ambuja Cements gained 5.33 per cent and ACC was up 0.05 per cent. With this, the market capitalisation of Adani companies has fallen by $100 billion (around Rs 820,000 crore) after the Hindenburg report came out over a week ago.
The Sensex, however, rose 224 points, or 0.38 per cent, to 59,932.24 and the NSE Nifty closed 5.90 points down at 17,610.40.
The sharp decline in the shares of group companies led to further erosion in networth of Gautam Adani and as of Thursday noon, he had slipped to 16th spot in the Forbes billionaire list with a net worth of $69.2 billion.
Bloomberg, which had reported on Wednesday that Credit Suisse Group AG had stopped accepting bonds of Adani Group companies as collateral, said in another report on Thursday that Citigroup Inc’s wealth arm had stopped accepting securities of Adani Group of firms as collateral for margin loans. This put further pressure on Adani stocks.
Ahead of the market opening on Thursday, Gautam Adani, through a video statement said that the FPO withdrawal decision was taken considering the volatility in the market seen on Wednesday.

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