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Adani group company stocks lose $100 billion despite Gautam Adani's statement to restore investor confidence Adani FPO

Adani group company stocks lose $100 billion despite Gautam Adani's statement to restore investor confidence

India Blooms News Service | @indiablooms | 02 Feb 2023, 05:44 pm

Mumbai/IBNS: Stock prices of listed companies Adani Group companies continued to slide on Thursday despite a statement by conglomerate’s chairman Gautam Adani to placate investors, reiterating that the group has an impeccable track record in servicing its debts.

Gautam Adani’s statement came a day after the company issued a statement withdrawing the Rs 20,000 crore group company Adani Enterprise's follow-on public offer (FPO).

Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdrawing the completed transaction, a release said on Wednesday.

The Adani Group companies witnessed a bloodbath conglomerate’s flagship company, Adani Enterprises, dropped over 9 percent, while Adani Ports and SEZ slid over 3 percent, India Today reported.

Meanwhile, shares of all other listed Adani Group companies, including Adani Wilmar, Adani Total Gas, Adani Power, Adani Transmission and Adani Green Energy, hit their respective lower circuits. NDTV also hit its lower circuit of 5 percent in early trade, the report added.

Only two Adani Group companies—Ambuja Cement gained 7 percent and ACC rose 1 percent—traded in the positive territory.

The continued dip in share prices has eroded $100 billion from Adani Group's total market valuation.