New Delhi: Shares of Adani Group firms continued to remain weak for the seventh day running on Friday amid a host of negative events surrounding the companies. The stock of Adani Enterprises tumbled 20 per cent to Rs 1,173.55 -- its one-year low -- on the BSE. The stock had last hit its all-time high of Rs 4,189.55 on December 21 last year. It slipped to Rs 1,017.10 today, which is 75.72% from its peak. It took the company just 52 weeks for the stock to hit a mark this low.
The firm has lost over Rs 2.88 lakh crore in market cap from a record high, if the market cap of Rs 1.57 lakh crore for the Adani Group's flagship is taken into consideration. When the stock had hit it all-time high on December 21, the market cap of the firm stood at Rs 4.45 lakh crore.
The Adani Enterprises stock got severely hit after Hindenburg Research -- a short-selling firm based in New York -- published a report on the Adani Group on January 24. The allegations leveled by the corporation included accounting frauds, stock manipulations, and money laundering by the Adani Group. The report was trashed as 'maliciously mischievous and unresearched' by the Adani Group, adding that it has adversely affected the Adani Group, its shareholders and investors.
Also read: Adani Group firms fall for 7th day running; Adani Enterprises tumbles 20 pc
Many of the group firms hit their lower circuit limits during the morning trade. Shares of Adani Ports tanked 10 per cent, Adani Transmission (10 per cent), Adani Green Energy (10 per cent), Adani Power (5 per cent), Adani Total Gas (5 per cent), Adani Wilmar (4.99 per cent), NDTV (4.98 per cent), ACC (4.24 per cent) and Ambuja Cements (3 per cent).
