Post the Hindenburg crisis, Dow Jones takes down Adani Enterprises from its sustainability indices, shares plunged by 35%
Adani Group’s shares have plunged by 35%, whereas the NSE has kept its 3 shares including the major Adani Ports under watch-
Indian billionaire Gautam Adani’s tension is surmounting with every passing day and is giving no sign of easing down. His repeated fall on the world’s rich list has been gathering attention worldwide which has come down to 21st place who once stood at the 2nd spot in the career-best place.
And after the Hindenburg debacle, he has suffered yet another blow from the US post which the shares of Adani Enterprises have plunged by over 35%.
Gautam Adani pushed o the 21st place on the Forbes rich list:
Beginning with the crisis of Adani Group, the Hindenburg report came in as a Tsunami on January 24th that shocked the shares of Adani’s listed companies. Adani's stocks are on a continuous fall which has affected his personal wealth. So far in 2023, he has suffered a loss of $59.2 billion out of which $52 billion has been wiped out in just the past 10 days and in the last 24 hours, Gautam Adani has reached 5 places down in the list of rich.
Adani Enterprises to be out of the Dow Jones index:
The announcement has come in to exclude the shares of Adani Enterprises from the Dow Jones Sustainability Index of America. The decision has been taken against the backdrop of the continuous steep fall in the shares of the company.
Various claims have been made in the Hindenburg report including stock manipulation-accounting fraud regarding the Adani Group. Taking action on all these allegations, the indexed media has decided to remove Adani's company after media stakeholder analysis. Based on the reports, it will be removed from Dow Jones on 7 February.
5 shares in the lower circuit on Friday:
The update coming in from the Dow Jones Index's decision to pull out Adani Enterprises has seen a direct impact on the company's shares. As soon as the day's trading started in the stock market, there was a strong decline in them and they broke up to 35 percent.
By 01:00 PM in the afternoon earlier today, the shares of Adani Enterprises Ltd were trading at Rs 1,017.45, down 35.00% at 547.80. Apart from this, Adani Power also engaged in a lower circuit on Friday and it is trading at Rs 191.95 after slipping 5 percent. Adani Total Gas also plunged and is trading at Rs 1622.35.
Big Blow on Adani by the NSE:
Gautam Adani, who is facing the worst phase of decline in his wealth before America, also got a big blow from the National Stock Exchange. On Thursday, the NSE has taken a major decision to place Adani Group's three companies Adani Enterprises, Adani Ports and Ambuja Cements under Additional Surveillance Measures (ASM). It is a way of monitoring companies by SEBI, which is raised to protect investors and owing to the huge fall in the shares of Adani's companies the decision has been invoked.