Saturday, December 2, 2023

Indian Billionaire Adani’s Empire Loses $51 Billion in 48 Hours

A stock market collapse is affecting Adani enterprises. According to Bloomberg News, the Adani empire’s market capitalization has decreased by a total of $51 billion over the last two trading days.

For instance, the company at the centre of this empire, Adani Enterprises, had a loss of roughly a fifth (more than 19%) of its value on Friday. Adani Green Energy and Adani Total Gas units both fell 20%, which is the daily maximum. Lost 5% was Adani Power. Adani Transmission’s share price declined 19.47%, while Adani Port’s fell 13.8%.

Shares in companies connected to Adani were widely sold, and there were a lot of transactions. Mumbai is where the companies are listed.

The falls on Friday follow those on Wednesday, the first session following the release of Hindenburg’s report. The stock market in India was closed on January 26th.

Related Articles

Latest Articles