The Hindenburg Report’s effects have badly strained and impacted Corporate Behemoth Adani Group market cap even as policymakers are working around the clock to strengthen the economy. There has been a significant sell-off in the shares of the Adani Group; in three trading sessions, foreign funds withdrew just over $2 billion, or around Rs 17,300 crore, from the Indian market. Due to the decline in Adani stock prices, which has erased more than $67 billion, or around Rs 5.6 lakh crore, from their combined market capitalization since January 24, India’s market valuation has decreased by close to $150 billion.
Foreign Funds takeout $2 Billion (17,300) crore from Indian market
According to Bloomberg data, India’s market cap decreased from 3.6% of the world market cap last year to 3.1% this year. Additionally, India’s market cap has decreased to $3.2 trillion, placing it behind France on the list of nations with the largest market caps. However, India’s market was the fifth largest by market cap in 2022 since it had maintained its stability throughout the global crisis and had grown by a meagre 4% as opposed to falls of 20–30% in several big markets.
Also Read: Economic Survey 2023: Govt. committed to meet Capital Expenditure target of Rs 7.5 lakh cr for FY23
India now relegated below France and just $100 billion ahead of UK
The Indian economy is now barely $100 billion ahead of the UK and below France as a result of recent domestic market shock.
Following a scathing analysis by US-based short seller Hindenburg Research, which has accused the group companies of corporate fraud and stock manipulation, the collapse in Adani shares, which has been dragging down the Indian market for at least two days, occurred. Adani Group has responded with a number of denials and clarifications, but this hasn’t helped the stock prices.
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