Shares of Adani Group's seven top listed companies crashed on Friday after Hindenburg Research said that it took a short position in certain securities of the group. The Adani Group dismissed the allegations as as 'baseless'.
India's richest man Gautam Adani's net worth reportedly plummeted after the sharp fall in bonds and stocks of the seven listed Adani group companies, in the range of 3% and 7% after Hindenburg, a US short-seller, said the companies controlled by billionaire Gautam Adani had substantial debt on a "precarious financial footing".
As per the Bloomberg Billionaires Index, Gautam Adani lost about $6 billion (around ₹48,600 crore), down nearly 5%, in a day and his net worth currently stands at $113 billion as of January 26, 2023. The Bloomberg Billionaires Index prepares the daily rankings of the 500 wealthiest people and today's updates are still awaited.
Sensex falls 700 points
As of 11 a.m., Sensex is down 732.05 points or 1.22 percent at 59,473. Nifty breached 17,700 for the first time since October 27, 2022, going down 205.50 points or 1.15% at 17686.50. About 771 shares have advanced, 2,216 shares declined, and 121 shares are unchanged.
Adani Enterprises FPO opens
Despite all the negative reports, the Adani Group company's follow-on public offer (FPO) of Rs 20,000 crore for Adani Enterprises opened on January 27 with a closing date of January 31, with a price band of Rs 3,112-3,276 per share.
The firm already raised Rs 2,992.4 crore from anchor investors on January 27 at upper price band, which is half the amount of total anchor book (Rs 5,984.9 crore).
Earnings expected
NTPC, Bharat Electronics, CARE Ratings, DCB Bank, Five-Star Business Finance, Gujarat Ambuja Exports, Heranba Industries, Kajaria Ceramics, Vedant Fashions, Radiant Cash Management Services, and Zen Technologies will be in focus ahead of quarterly earnings on January 28.
