Adani Group taken over by Bajaj, ICICI after ₹3 lakh crore market cap erosion in four sessions

Adani Group shares continued their slide following US prosecutors’ bribery charges against conglomerate executives, with the group seeing its valuation fall by nearly ₹3 lakh crore in just four sessions till Tuesday.

The sudden drop in valuation also dropped the conglomerate’s market cap ranking by two notches to six. Before the latest sell-off, ports-to-energy giant Tata Group was ranked fourth behind Mukesh Ambani-led Reliance Group and HDFC Group.

On Tuesday, Adani shares witnessed a total erosion of ₹ 45,000 crore, taking the group’s total valuation to ₹ 11.39 lakh crore; This is ₹15,000 crore lower than Bajaj Group’s valuation and around ₹1700 core lower than ICICI Group’s valuation. Moreover, Adani Group’s total valuation has fallen to its lowest level in almost a year.

Tata Group continues to occupy the top spot with a market capitalization of ₹32.6 lakh crore, while Reliance group has a market valuation of ₹20 lakh crore. On the other hand, HDFC Group stands between Bajaj and Reliance group with a market capitalization of ₹16 lakh crore.

Additionally, growing concerns about the fallout from the allegations could also impact the group’s ability to raise money abroad. Fitch Ratings said the group’s port unit could downgrade its dollar notes to speculative grade, while Moody’s changed the outlook for seven Adani Group companies to negative.

Meanwhile, French energy giant TotalEnergies, which has equal shares in Adani Total Gas and 19.8% shares in Adani Green Energy, decided not to make new financial investments in the group company until the accusations are clarified.

Among the group companies, Adani Green Energy was the company that lost the most in terms of market value, followed by Adani Enterprises and Adani Ports & SEZ. While Adani Green Energy’s market valuation fell by ₹81,440 crore in four sessions, the valuation of its flagship Adani Enterprises and Adani Ports contracted by ₹77,445 crore and ₹34,735 crore, respectively, in the same period.

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