Adani’s two stocks saw the worst weeks since February

Adani Total Gas Ltd. and Adani Transmission Ltd. are the two stocks that are at risk of dropping from MSCI by the end of this month. 

About $10 billion market value of Adani’s stock lost this week. The MSCI’s move to exclude these two entities from India gauge raising a cloud of concern over the potential dilution from fundraising plans.

Flagship Adani Enterprises Ltd. which is an incubator for many investments of the group is also set to face weekly loss of about 4% since March 2023.

With this going on, Arpit Shah, a fund manager at Care Portfolio Managers highlighted that sign of desperation could be seen if the prices of shares falls too low in QIP issue.

The fraud allegation by Hindenburg Research had a big impact of Adani’s Stocks. They even lost $150+ billion in market value since january. However, some recovery has been noted after GQG partners bought stakes in the firm and offered a vote of confidence. 

Today, the market cap loss stands at $128 billion.  

- Kratika Agarwal

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