Adani Group witnessed a staggering Rs 5 lakh crore reduction in market capitalization on August 23, a sharp decline compared to the previous day. The stock market saw a downward trend for all Adani Group companies during this period, while the Nifty index managed a modest 0.25% increase, closing at 19,444 points.
Adani Group Loses Rs 5 Lakh Crore on August 23
Just a day earlier, on August 22, the total market cap of Adani Group’s shares stood at Rs 114.78 lakh crore, a figure that plummeted to Rs 109.33 lakh crore on August 23. Within this decline, Adani Enterprises shares suffered a 5.9% drop, closing at Rs 2,539, and Adani Ports declined by 3% to reach Rs 830.05 on the same day.
Adani Group Companies Hit by Market Slump as Nifty Inches Up by 0.25%
Adani Power and Adani Energy both experienced a substantial decrease of 6.65%, closing at Rs 324.30 and Rs 905.45 respectively. Even though Adani Group’s subsidiary, Adani Total Gas, announced a partnership with Prakriti E-Mobility for electric vehicle charging infrastructure, its shares fell by 2.25%.
Despite the overall decline, Adani Group’s EBITDA for the quarter ending June 2023 showcased an impressive 42% year-on-year increase, reaching Rs 23,532 crore. This divergence between financial performance and market sentiment underscores the complex dynamics at play in the current market landscape.