Adani Enterprises shares slip 76% from all-time high; Rs 3 lakh crore mcap lost 

Shares of Adani Enterprises have crashed 76% from their all-time high in just 31 trading sessions amid the ongoing rout in the Adani Group stocks. The stock, which hit an all-time high of Rs 4,189.55 on December 21, 2022, slipped to a 52-week low of Rs 1,017.10 today, plummeting 75.72% from its peak. Taking into account the market cap of Rs 1.57 lakh crore for the Adani Group's flagship today, the firm has lost over Rs 2.88 lakh crore in market cap from record high. On December 21 last year, the market cap (at close of trade) of the firm stood at Rs 4.45 lakh crore.

A majority of the correction in the Adani Enterprises stock has come after Hindenburg published a report on the Adani Group on January 24. The stock is down 70.45% from the close of January 24 (Rs 3,442.75) this year, accounting for the 52-week low level it hit today in the current trading session.

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Hindenburg Research made allegations of accounting frauds, stock manipulations and money laundering by the Adani Group in the report. In response, Adani Group called Hindenburg's report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors.

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Adani Group had said that the timing of the Hindenburg report's publication clearly betrays a brazen, malafide intention to undermine the group's reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which is the biggest FPO ever in India.

Hindenburg made the allegations two days before the opening of FPO on January 27. The stock of the flagship firm of the Adani Group crashed 35% intraday in two trading sessions amid a series negative developments.

On February 1, Swiss lender Credit Suisse's private banking arm assigned a zero- lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd. It had previously offered a lending value of about 75% for the Adani Ports notes, a Bloomberg report said.

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Credit Suisse's private bank has stopped accepting bonds of Gautam Adani's group of companies as collateral for margin loans to its private banking clients, the report added. In response, the stock crashed 35% intraday on February 1.

In today's session, the stock crashed 35% intraday as the scrip will be removed from the Dow Jones Sustainability Indices, effective prior to open on Tuesday, February 7, 2023.

In another development, which wrecked sentiment around the Adani Enterprises stock today, both BSE and National Stock Exchange (NSE) placed the scrip under the additional surveillance measure (ASM) framework to curb short-selling. Along with it, Adani Ports and Ambuja Cements have come under ASM framework effective February 3, 2023.