Adani Enterprises witnessed a massive market cap erosion of Rs 74,225 crore as its shares tumbled 22.8% during today’s trading session. The stock closed at Rs 2,178.25, significantly lower than the previous close of Rs 2,821.50.
Key Trading Highlights:
- Previous Close: Rs 2,821.50
- Current Close: Rs 2,178.25
- Market Cap Loss: Rs 74,225 crore
- Current Market Cap: Rs 2,51,409.42 crore
Price and Volume Details:
- Opening Price: Rs 2,539.35
- Intraday High: Rs 2,539.35
- Intraday Low: Rs 2,176.65
- Traded Volume: 27.15 lakh shares
- Traded Value: Rs 613.82 crore
52-Week Performance:
- 52-Week High: Rs 3,743.90 (June 3, 2024)
- 52-Week Low: Rs 2,142.00 (November 20, 2024)
The dramatic plunge follows recent allegations of bribery and fraudulent practices involving Gautam Adani and other executives, which have sent shockwaves through the market.
Key Allegations:
- Bribery Scheme: Allegations of paying over $250 million in bribes to Indian government officials to secure solar energy contracts worth over $2 billion in profits.
- Investor Misrepresentation: Claims that top executives, including Gautam Adani, misled global investors regarding anti-bribery compliance to raise over $3 billion.
- Fraudulent Financial Practices: Falsified financial statements and market manipulation to secure funding through international bonds and loans.
Outlook:
The sharp decline reflects investors’ concerns over the ongoing controversies surrounding the Adani Group, potentially impacting its ability to secure future funding and investor trust.
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