NEW DELHI: Shares of the Adani group fell 10 percent for the eighth straight day on Monday. Adani Group shares have been on a downward spiral since the release of the Hindenburg report.
Shares of the entire group have seen a fall of Rs 10 lakh in eight consecutive days of trading on the bourse.
On January 24, 2023, i.e. before the Hinderburg report of the US, the total value of Adani Group holdings was Rs 19.2 lakh crore. It fell to Rs 9.3 lakh crore at the close of business last Friday evening. Another Rs 31,000 crore fell during Monday’s trade.
Gautam Adhani’s net worth, during this period, shot up to $60 billion, pushing him from the third position to the 21st position on the Bloomberg Billionaires Index. Monday’s continued fall in the stock led to global financial institutions pulling out of business ties with the Adani Group.