Why Adani stocks are falling | Rs 2.7 lakh crore gone in 3 months; explained
GQG Partners, an Adani investor known for its early bets on the group's stocks during the $150 billion rout triggered by the Hindenburg episode, has been trimming its stakes in the group companies.
- Oct 9, 2026,
- Updated Oct 9, 2026 1:43 PM IST
Adani Group stocks have lost a combined Rs 2.66 lakh crore in market capitalisation over the past three months, with flagship Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Energy Solutions Ltd and New Delhi Television Ltd plunging 15-23 per cent amid volatile markets.
The volatility in the broader market and Adani stocks prompted Adani Group CFO Jugeshinder Robbie Singh to comment on Thursday, saying, “While the crowd reacts to ticker noise, our infrastructure continues to weigh heavy and true.”
Broad-based selling in largecaps has been a major drag on the market, while the global AI trade has contributed to foreign portfolio investor (FPI) outflows from India, which have approached Rs 3 lakh crore this year. The Adani portfolio, one of India's largest integrated infrastructure platforms, has also been caught in the broader sell-off. Rising bond yields, the case these days, typically increase borrowing and debt-servicing costs for capital-intensive businesses, potentially adding to pressure on their margins.
Kranthi Bathini, Equity Strategist at WealthMills Securities, noted that Adani stocks had been resilient and resurgent of late. “But now, the general market weakness, with the Nifty in a corrective phase, and rising bond yields could be weighing on sentiment. The Adani group carries debt, as do companies across the infrastructure sector, and rising bond yields can put pressure on margins in the short to medium term,” he said.
Adani group has interest across energy and utilities, transport and logistics, metals and materials, and consumer sectors.
GQG cuts stakes
GQG Partners, an Adani investor known for its early bets on the group's stocks during the $150 billion rout triggered by the Hindenburg episode, has been trimming its stakes in the group companies. Its sale of nearly Rs 9,400 crore worth of ITC Ltd shares on Thursday fuelled speculation over whether Adani stocks could be next in line for a reduction in exposure.
“In the end, substance always outlasts speculation. Look at the assets, not at the hyperventilating speculators,” Singh said in a post on X, without elaborating further.
The Rajiv Jain-led asset management firm recently cut its stake in Adani Energy Solutions Ltd to 3.46 per cent as of August 31 from 4.14 per cent at the end of the June quarter, the Adani company informed stock exchanges in September.
GQG had earlier reduced its stakes in Adani Power Ltd, Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, and Adani Green Energy Ltd in the June quarter, according to data compiled from corporate database AceEquity.
Broader market selloff
The pressure on Adani stocks comes as the benchmark Nifty has fallen 6.3 per cent over the past three months, with one in four index constituents declining more than 10 per cent.
Adani Energy Solutions shares have fallen 21 per cent over the past three months, while Adani Enterprises has declined 15.89 per cent. The group's listed cement makers, ACC and Ambuja Cements, have fallen 16-20 per cent. Adani Total Gas has lost 20 per cent, Adani Power 13 per cent while NDTV has tanked 23 per cent over the same period.
Founder Gautam Adani's net worth fluctuated between $97 billion and $120 billion during the same period. Adani, 64, remained India's richest person, with a net worth of $97.10 billion at last count. His wealth has risen by $12.7 billion so far in 2026.
Adani stocks were recently in focus after four Adani group firms settled a probe over alleged non-compliance with minimum public shareholding (MPS) requirements with markets regulator the Securities and Exchange Board of India (SEBI). Besides, the US Department of Justice (DOJ) in August dropped charges against Gautam S Adani, Sagar R Adani and Vneet S Jaain in the indictment.
The 12-month consensus estimate for Adani Enterprises at Rs 3,773 implied 44 per cent potential upside. Adani Green's consensus estimate at Rs 1,574 hints at 25 per cent upside while Adani Energy's consensus target of Rs 1,784 suggested 41 per cent potential upside.
Adani Group stocks have lost a combined Rs 2.66 lakh crore in market capitalisation over the past three months, with flagship Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Energy Solutions Ltd and New Delhi Television Ltd plunging 15-23 per cent amid volatile markets.
The volatility in the broader market and Adani stocks prompted Adani Group CFO Jugeshinder Robbie Singh to comment on Thursday, saying, “While the crowd reacts to ticker noise, our infrastructure continues to weigh heavy and true.”
Broad-based selling in largecaps has been a major drag on the market, while the global AI trade has contributed to foreign portfolio investor (FPI) outflows from India, which have approached Rs 3 lakh crore this year. The Adani portfolio, one of India's largest integrated infrastructure platforms, has also been caught in the broader sell-off. Rising bond yields, the case these days, typically increase borrowing and debt-servicing costs for capital-intensive businesses, potentially adding to pressure on their margins.
Kranthi Bathini, Equity Strategist at WealthMills Securities, noted that Adani stocks had been resilient and resurgent of late. “But now, the general market weakness, with the Nifty in a corrective phase, and rising bond yields could be weighing on sentiment. The Adani group carries debt, as do companies across the infrastructure sector, and rising bond yields can put pressure on margins in the short to medium term,” he said.
Adani group has interest across energy and utilities, transport and logistics, metals and materials, and consumer sectors.
GQG cuts stakes
GQG Partners, an Adani investor known for its early bets on the group's stocks during the $150 billion rout triggered by the Hindenburg episode, has been trimming its stakes in the group companies. Its sale of nearly Rs 9,400 crore worth of ITC Ltd shares on Thursday fuelled speculation over whether Adani stocks could be next in line for a reduction in exposure.
“In the end, substance always outlasts speculation. Look at the assets, not at the hyperventilating speculators,” Singh said in a post on X, without elaborating further.
The Rajiv Jain-led asset management firm recently cut its stake in Adani Energy Solutions Ltd to 3.46 per cent as of August 31 from 4.14 per cent at the end of the June quarter, the Adani company informed stock exchanges in September.
GQG had earlier reduced its stakes in Adani Power Ltd, Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, and Adani Green Energy Ltd in the June quarter, according to data compiled from corporate database AceEquity.
Broader market selloff
The pressure on Adani stocks comes as the benchmark Nifty has fallen 6.3 per cent over the past three months, with one in four index constituents declining more than 10 per cent.
Adani Energy Solutions shares have fallen 21 per cent over the past three months, while Adani Enterprises has declined 15.89 per cent. The group's listed cement makers, ACC and Ambuja Cements, have fallen 16-20 per cent. Adani Total Gas has lost 20 per cent, Adani Power 13 per cent while NDTV has tanked 23 per cent over the same period.
Founder Gautam Adani's net worth fluctuated between $97 billion and $120 billion during the same period. Adani, 64, remained India's richest person, with a net worth of $97.10 billion at last count. His wealth has risen by $12.7 billion so far in 2026.
Adani stocks were recently in focus after four Adani group firms settled a probe over alleged non-compliance with minimum public shareholding (MPS) requirements with markets regulator the Securities and Exchange Board of India (SEBI). Besides, the US Department of Justice (DOJ) in August dropped charges against Gautam S Adani, Sagar R Adani and Vneet S Jaain in the indictment.
The 12-month consensus estimate for Adani Enterprises at Rs 3,773 implied 44 per cent potential upside. Adani Green's consensus estimate at Rs 1,574 hints at 25 per cent upside while Adani Energy's consensus target of Rs 1,784 suggested 41 per cent potential upside.