• Due to the devastation in Adani's shares, Gautam Adani, who was among the top five billionaires of the world --- saw a sharp decline in his wealth. Mukesh Ambani has become the richest person in India by leaving Adani.
Most Adani shares remain deep in the red without any respite, losing billions of dollars in valuation. Thursday turned out to be another day for the bears after Adani Enterprises took a massive hit, especially despite the ₹20,000 crore follow-on public offer (FPO) being fully subscribed Locked up. This raises concerns about funding, which the group needs to meet its ambitious expansionary roadmap and service debt.
Following the shocking report by Hindenburg Research, Adani remains the talk of the town with several questions being raised on the group's business performance and investors' confidence shaking.
Due to the devastation in Adani shares, Gautam Adani who was among the top five billionaires of the world--- saw a huge decline in his wealth. Mukesh Ambani has become the richest person in India by leaving Adani.
As of February 2, 2023, Adani was ranked 13th with a net worth of $72.1 billion, according to the Bloomberg Billionaires Index. His wealth has declined by the latest $12.5 billion, while year-on-year it has declined by a whopping $48.5 billion. Reliance Industries chief Mukesh Ambani has overtaken Adani to become the 12th richest person in the world, and the richest at home with a net worth of $81 billion.
Doomsday for Adani shares:
Adani Enterprises: The flagship company of the group started the current week on a positive note. The stock was on the upswing as the FPO was fully subscribed on January 31 and remained in the uptrend. But early February turned into mayhem, and the withdrawal of FPOs further eroded confidence in the stock.
After touching a 52-week low of ₹1,513.90 per share on Thursday, Adani Enterprises stock closed at ₹1,564.70 per share, down 26.50% or ₹564. The stock has declined more than 47% in the first two trading days of February. Since January 24, the stock has fallen over 54.5% on BSE.
Adani Ports: The share price closed at ₹462, down 6.13% on BSE. On Thursday, in the trading session, the stock touched a new 52-week low of ₹423 per share. The stock has lost nearly 25 per cent in two trading sessions. Since January 24, Adani's stock has lost over 39% on the BSE.
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