The sudden drop in valuation has also pulled down the conglomerate’s rank in market capitalisation by two notches to six. Prior to the recent selloff, the ports-to-power behemoth ranked fourth after Tata Group, Mukesh Ambani-led Reliance Group and HDFC Group.
On Tuesday, Adani stocks witnessed a combined erosion of ₹45,000 crore, taking the aggregate valuation of the group to ₹11.39 lakh crore, which is ₹15,000 crore lower than that of Bajaj Group and about ₹1700 core lesser to ICICI Group’s valuation. Moreover, the aggregate valuation of Adani Group has now slid to the lowest level in almost one year.
While Tata Group continues to occupy the top spot with a market capitalisation of ₹32.6 lakh crore, Reliance group commands a market valuation of ₹20 lakh crore. On the other hand, HDFC Group is placed between Bajaj and Reliance group with a market capitalisation of ₹16 lakh crore.
Further, mounting worries over the fallout of allegations may also impact the group’s ability to raise money from abroad. While Fitch Ratings said it may cut dollar notes of the group’s ports unit to speculative grade, Moody’s has revised the outlook on seven Adani Group companies to negative.
Meanwhile, French energy giant TotalEnergies, which has an equal stake in Adani Total Gas and 19.8% in Adani Green Energy has decided not to make any new financial investments in the group company until the accusations get clarified.
Among group companies, Adani Green Energy lost the most in market cap, which was followed by Adani Enterprises and Adani Ports & SEZ. While the market valuation of Adani Green Energy declined by ₹81440 crore in four sessions, the valuation of flagship Adani Enterprises and Adani Ports narrowed by ₹77445 crore and ₹34735 crore, respectively during the same period.
Also Read : Andhra Pradesh likely to suspend Adani power deal: Report
(Edited by : Poonam Behura)
First Published: Nov 26, 2024 6:06 PM IST
