Stock Market Today: Adani Group Down; Nifty, Sensex & More
- Stocks Updates
Sahil Patil- 0
- 7 minutes read
Shares of the troubled firm, Adani Enterprises led by Indian tycoon Gautam Adani were repeatedly suspended on Friday, the 3rd of February, 2023 in the stock market today. This was all due to the Hindenburg Report published by Hindenburg Research that levied allegations on the company of accounting fraud.
By funneling money into its units through offshore tax havens, Adani has artificially boosted its share prices, according to Hindenburg Research. The company mentioned,
“This brazen stock manipulation and accounting fraud scheme" is "the largest con in corporate history."
Stock Market Today: Adani Group
In the opening, the stocks of Adani Enterprises were knocked down 10%. Meanwhile, Adani Power, Adani Green Energy, and Adani Total Gas, in which French giant TotalEnergies holds a 37.4% stake, and Adani Transmission also encountered trading halts.
However, as per the stock market today, Adani Enterprises later resumed trading. Immediately, the stocks fell another 5%. This triggered another trading halt. For more such latest stock updates, visit
The combined market capitalization of the conglomerate has dropped by over $100 billion since the US-based short-seller Hindenburg published its report. With the Adani stocks going down, the tycoon has also seen his fortune nosedive. He has lost tens of billions of dollars. This led to Adani getting struck out of the real-times Forbes List of the Top 10 Richest Men In The World. Additionally, he has also lost his title as Asia’s richest person.
Late Wednesday, February 1, Adani cancelled a $2.5 billion stock sale that was meant to aid in reducing the debt levels. It was also meant to restore confidence as well as broaden its shareholder base.
According to the latest news on the stock market today, Banking giants such as Citigroup and Credit Suisse have ceased accepting Adani bonds as collateral for loans to private clients. This propelled worries about how the tycoon will raise fresh funds as the Adani bonds are trading at distressed levels. It is also reported that there are signs of increased plague in the Indian stock market.
The market value of all the 10 Adani Stocks has experienced a massive loss and the investors are facing a humongous ₹10 lakh crore loss. Over 50% of the market capitalization of all 10 Adani Group stocks has fallen, now standing at ₹9.49 lakh crore.
Stock Market Today: Nifty Update
With a rise of 412.61 points or 0.69%, the BSE Sensex reached 60,344.85.
Likewise, the Nifty 50 index gained 74.80 points or 0.42% to reach 17,685.20. The stocks saw gains of 1,121 shares, losses of 1,753 shares, and unchanged shares of 116 shares.
That is all for today. Hope this will be helpful for your investment plans this week and in the coming weeks. However, there is a small disclaimer. Investing tips and views expressed by investment experts on Newsmagnify.com are their own and not those of the website or its management. Before making any investment decisions, News Magnify recommends users check with certified experts.
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