Adani Group’s market cap now at Rs 7 lakh crore; 9 group stocks in the red

Adani Group’s cement unit, Ambuja Cements was trading 3.46 per cent lower at Rs 333.30 apiece. Shares of Ambuja Cements have lost 33 per cent of their value in a month.

Adani Power and Adani Wilmar dropped nearly 5 per cent in Monday’s trade. Shares of Adani Power and Adani Wilmar have lost 49 per cent and around 40 per cent of their value in a month, respectively.

Among other group shares, ACC Ltd were trading at Rs. 1,681.55 apiece, down 2.77 per cent. Shares of ACC have lost 28 per cent of their value in a month.

Adani Group’s recent acquisition NDTV was trading 4.98 per cent lower at Rs 181.20 per share on Monday. Shares of NDTV have lost 36 per cent of their value in a month.

Meanwhile, Adani Total Gas, Adani Transmission, Adani Green Energy were locked at their 5 per cent lower circuit limits.

Adani Ports was the only group stock that was trading in green. Shares of Adani Ports rose 0.41 percent to trade at Rs 561.20 apiece.

Adani’s comeback strategy

Adani Group is plotting a comeback strategy focused on addressing investor concerns around debt, consolidating operations and fighting off allegations with help of a top-shelf US crisis communication and legal teams.

About a dozen global banks will help host the investor meetings at Singapore’s Capitol Kempinski hotel Monday. The conglomerate backed by billionaire Gautam Adani will then hold meetings in Hong Kong at the Barclays Plc office on Tuesday and Wednesday. Due to attend are group chief financial officer Jugeshinder Singh and corporate finance head Anupam Misra.

Hindenburg claims the group has used a number of shell companies to inflate stock prices and flout shareholding rules, which require at least 25 per cent of listed companies to be held by the public. It also flagged debt-driven growth and the group being “deeply overleveraged”.

On 27 January, Adani published a 413-page response, calling Hindenburg “the Madoffs of Manhattan”, a reference to Ponzi schemer Bernard Madoff.