Adani Total Gas shares sink 20%; Rs 76,000 cr market cap wiped out in two sessions

Shares of Adani Total Gas crashed 20 per cent intraday amid a deep market correction today. The stock was the top loser on the BSE oil and gas index. Market cap of Adani Total Gas has plunged by Rs 76,000 crore in the last two sessions. Adani Total Gas stock lost 19.66% intraday to Rs 2947.05 against the previous close of Rs 3668.15 on BSE. The stock opened 10.04% lower at Rs 3300 today. Adani Total Gas stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. However, it has zoomed 67.36 percent in a year and fell 17.73 per cent in 2022. Market cap of the firm fell to Rs 3.33 lakh crore on BSE.

A total of 0.59 lakh shares of the firm changed hands, amounting to a turnover of Rs 18.26 crore on BSE.

A report by Hindenburg Research alleging accounting frauds, stock manipulations and money laundering by the Adani group wiped out Rs 2.37 lakh crore from the group market capitalisation in a span of just two days.

TRACK LIVE: Adani Total share price 

"Adani Group stocks are likely to continue under pressure due to the fallout from the Hindenburg report. The elevated valuations of Adani stocks are a serious concern," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Adani Group called Hindenburg's report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors. But Billionaire investor William Ackman in a tweet on Thursday said he found short-seller Hindenburg Research's report on Adani Group "highly credible and extremely well researched."

Adani group had said that the timing of the Hindenburg report’s publication clearly betrays a brazen, mala fide 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.

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Also read: Hindenburg impact: 10 Adani group stocks lose Rs 2.37 lakh cr in market value in 2 days