Stock prices of Adani group of companies were hit to its lowest on Friday even after the company declined continuously for two days and gave the threat for legal action against a report by US-based Hindenburg Research.
As per BSE data the continuous decline in the stock prices has left its shareholders losing $51.6 billion that is around Rs. 4.2 Lakh crores. This led to the wiping off Gautam Adani’s personal net worth of over $25 billion making the total net worth below 100 billion. According to the Forbes data the group’s chairman position has shifted down to seventh richest in the world from third earlier this week. Gautam Adani’s net worth is now at $96.6 billion which is around Rs. 7.9 lakh crore.
The Sensex has its biggest single day loss in over a month at 874 points or 1.5% settling at 59,331 which is lowest since October 2021. While SBI was lower by 5% and LIC lost 3.5% to Rs. 666 as for the concerns over the exposure to the group.