Adani Group companies faced their worst trading day since the Hindenburg crisis in early 2023, with the conglomerate’s market value plummeting by Rs 2.2 lakh crore on Thursday following bribery charges filed by the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) against chairman Gautam Adani and several associated entities.
The market cap loss on Thursday compares to a Rs 3.2 lakh crore drop in January 2023, after Hindenburg Research’s allegations of corporate wrongdoing. The latest development also resulted in Gautam Adani losing $12.1 billion (approximately Rs 1 lakh crore), leaving his net worth at nearly $58 billion, according to Forbes data. Adani now ranks as the 25th richest billionaire globally, with Mukesh Ambani of Reliance Industries being the wealthiest Indian at $96.5 billion.
Among the hardest-hit companies, Adani Enterprises saw a 23% drop in stock price, eroding its market value by Rs…
