The Adani saga: Group's market value drops below $100 billion

The combined market value of Adani group’s shares fell below $100 billion on Tuesday, reported Bloomberg.

Post the scathing report by Hindenberg Research, the Adani group has been battling plummeting stock market numbers, among other things.

The listed Adani stocks market cap is now even lesser than the top three big companies of India, RIL, TCS and HDFC bank, in terms of valuation.

The company conglomerate has lost more than $135 billion in market capitalization since January 24, reported The Times of India.

According to Mint, the company witnessed the most selloff on Monday. "The stock tumbled by Rs 102.20 or 5.94% to close at Rs1,619.55 apiece on BSE. Its market cap stood at Rs1,84,628.88 crore," the report says.

Further, according to The Economic Times, three Adani stocks, Adani Transmission, Adani Green and Adani Total Gas, hit 5% lower circuit limits.

As per the Bloomberg Billionaires Index, Adani's net worth slipped to $49.1 billion, thereby placing him 25th on the global rich list. Forbes’ Real-Time Billionaires List ranked Adani at the 25th spot, but pegged his net worth lower, at $47.6 billion. Forbes said he has lost $2.8 billion in the last 24 hours.

Reporting on Adani Gas's debt levels, the Bloomberg report said, "The company faces combined maturing debt payments in the fourth quarter of its 2023 fiscal year and the 2024 fiscal year that amount to more than its cash balance, according to an exchange filing. It also has, however, cash flow from assets of 9.32 billion rupees ($112.7 million).

The stock’s float, or the amount available to trade in the public market, is about 19%, according to data compiled by Bloomberg. That’s the lowest among the group after Adani Wilmar Ltd."