It was a day of strong selling in Adani Group stocks with all the 10 companies in its fold closing deep in the red. The fall was mainly on the back of reports that the subscribers to government-run pension funds are also facing losses due to the fund managers’ exposure to Adani Enterprises and Adani Ports & SEZ.
Employees’ Provident Fund Organisation (EPFO) is the third public entity to be pulled into controversy for its exposure to the Adani Group. Life insurance major LIC and banking giant SBI are the other two.
Since the publication of the report on January 24, Adani Group’s stock has been plummeting with its mcap now less than half of its pre-Hindenburg level of £192 billion, BSE data showed. In Monday’s market, Adani Power, Adani Transmission, Adani Wilmar and Adani Total Gas, all closed at their 5% lower circuit level while NDTV and Adani Green Energy lost around 4. 5% each. Adani Ports lost 1. 4% while group flagship Adani Enterprises and the two cement manufacturers - ACC and Ambuja Cements - lost between 0. 5% and 1%. The day’s slide left Adani shareholders poorer by £2.99 billion at £49.4 billion.
Adani buys 49% in Quintillion Business: Gautam Adani’s AMG Media Networks has bought a 49% stake in Raghav Bahl-curated digital business news platform Quintillion Business Media for about £4.8 million.