June seems to be weighing heavily on businessman GautamAdani. Shares of Adani Group companies continued to fall for the thirdconsecutive day on Wednesday. Gautam Shantilal Adani has a close relationshipwith June. This famous businessman was born on 24 June 1962.
Three companies of Adani Group experienced a lower circuitfor the third consecutive day on Wednesday. The three companies include AdaniTransmission, Adani Power, and Adani Total Gas. A lower circuit means there cannotbe more falls than that in a day. 33 years ago in 1988, Gautam Adani started hiscareer in the business world. But Adani came into the limelight only after 2014.Adani Group companies do business of agriculture, defense, and airplaneservices.
Shares continued to fall since Monday after news of threeforeign investors freezing their money in Adani Group companies. On Monday, thestock of Adani Enterprises had fallen 22%. Apart from this, the shares of theremaining 5 listed companies had seen a decline ranging from 5 to 15%. Althoughthere was a recovery in the shares of three companies by the end of theevening, the shares of the remaining three are continuously in the lowercircuit.
Due to this fall, the market cap of Adani Group companieshas fallen by more than Rs 86 thousand crore in three days. The marketcapitalization of all the 6 listed companies was Rs 9.42 lakh crore on Friday,which fell to Rs 8.56 lakh crore on Wednesday. The biggest reduction in thishas come in Adani Total Gas. Its market cap has decreased by Rs 25 thousand 494crore. Its market cap was Rs 1.78 lakh crore on Friday, which rose to Rs 1.53lakh crore on Wednesday.