Rs 71 thousand crore wiped out of Adani market capital in a year
09 Sep 12 11:44 AM
AHMEDABAD: Gujarat's top corporate house is finding the going tough on the bourses. Market capitalisation of all Adani group companies, promoted by billionaire Gautam Adani, has dipped in the past12 months — a staggering Rs 71,088 crore, or about $13 billion, has been wiped out of Adani group's wealth during the period.
The combined market capitalization of the three listed entities of Adani group — Adani Enterprises Ltd (AEL), Adani Power Ltd (APL) and Adani Port and SEZ Ltd (APSEZL) — has come down by 60% as compared with September 21, 2011, when the scrip of group's flagship AEL posted a 52-week high on the Bombay Stock Exchange.
The combined market capitalization of all three companies stood at Rs 1,19,780 crore on September 21, 2011. It came down to Rs 48,692 crore on September 7, 2012.
During the period sensex grew from 17,065.15 on September 21, 2012, to 17,749.65 on September 7, 2012.
A recent report by investment bank Morgan Stanley says 17 large companies, including Adani Power, have an increased probability of "financial stress", while 20 other companies are borderline cases. "It will be interesting to see how the market reacts to the news on Monday," said an analyst.