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Hindenburg's predictions about Adani stocks come true? Group's net worth dips below $44 billion

| Feb 23, 2023, 10:50:09 PM | TOI.in
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In its January 24 report on the Adani Group, US-based short-seller Hindenburg Research had said that the seven stocks within the group (that carry the Adani name) were about 85% overvalued. Almost a month to the day since that damning report made global headlines, one of the group's stocks, Adani Total Gas, is within striking distance of achieving that valuation. On Wednesday, the stock on BSE closed at Rs 835, down nearly 79% from its January 24 close. And if one considers the fall in the Ahmedabad-based conglomerate's stock prices since their respective 52-week highs, two more are nearing the 85% mark: Adani Green Energy and Adani Transmission. The stock prices of all the 10 Adani Group companies have been going south since January 25. Adani Total Gas's stock price closed at Rs 835, its 19th consecutive session of closing at lower circuit in last 20 sessions, starting January 25, a day after Hindenburg accused the group of accounting fraud, stock price manipulation and corporate malfeasance. In its report, Hindenburg said based solely on financials taken directly from Adani companies, the group's stocks appear to be highly overvalued. "Infrastructure firms are generally relatively sleepy, low growth, low multiple enterprises, yet valuation metrics of the Adani listed companies are comparable to the frothiest of high-growth tech companies. On a blended basis, compared to industry peers, we see 85%+ downside purely on fundamentals. "Since January 24, Adani Total Gas, a joint venture between Adani and France's Total Energies, has seen its market value dip by Rs 3.35 lakh crore. From Rs 4.3 lakh crore, its market cap is now below Rs 1 lakh crore mark, at Rs 91,829 crore, BSE data collated by TOI showed.

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