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Adani Power follows Adani Wilmar, market cap dips below ₹1 lakh crore

By Asit Manohar
Adani Power ended on Thursday with a market cap of ₹93,550 crore whereas Adani Wilmar ended with market valuation of ₹75,615 crore. (REUTERS)

Speaking on the reason for huge sell-off in Adani group stocks, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "During the recent rally in Adani group stocks, majority of the FII's investments have gone to Adani shares that has put doubt into the minds of SEBI officials. SEBI has already put Adani Wilmar in stage 4 of ASM list and market is buzz that some other Adani group stock may also figure in ASM list in coming times. So, there is trend reversal in regard to Adani group stocks at Dalal Street and hence mar5ket capitalization of Adani group stocks are expected to further come down till more clarity comes."

In last one week, Adani Power share price has dipped more than 13 per cent whereas Adani Wilmar share price has been hitting lower circuity for more than a week. After making a close on 841 on NSE on 27th April 2022, Adani Wilmar share price has come down at 581.80 levels, losing around 30 per cent in the last fortnight.

Meanwhile, Adani Green Energy market cap has also dipped and it has slipped to 10th spot in the list of India's most valuable listed company. On Thursday, Adani Green Energy ended with a market cap of 3,80,931 crore. On Wednesday, Adani Green was placed at 8th spot in the big boys club. HDFC Ltd and Bharti Airtel are now place at 8th and 9th spot respectively in the list of most valuable Indian companies.

Reliance Industries Limited or RIL continues to hold the top rank with market cap of 16,24,235 crore followed by TCS ( 12,48,102 crore) and HDFC Bank ( 7,23,023 crore) respectively.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Dive Deeper:
ICICI Bank overtakes SBI in market cap, Adani Green at 8th spot in big boys club
ICICI Bank ended on Wednesday with a market capitalization of ₹4,96,364.87 crore compared to SBI's market cap of ₹4,25,168.49 crore
Adani Power, Tata Elxsi, JSPL among stocks added to MSCI index
The changes in constituents for the indexes will take place as of the close of May 31, 2022
Naukri, PNB Housing to RBL Bank: These 5 stocks hit 52-week lows
In recent stock market rout, around a dozen blue-chip stocks have hit or come close to its 52-week lows
Renuka Sugars, EID Parry to Balrampur Chini: Why sugar stocks no more sweet now?
In last one month, Shree Renuka Sugars share price has corrected around 16.50 per cent whereas Balrampur Chini share price…
One subscription that gives you access to news from hundreds of sites
HDFC, Wipro to Bajaj Auto: These 3 Nifty stocks fell up to 35% from 52-week high
Global equity markets including Dalal Street have been reeling under sell-off heat after the outbreak of Russia-Ukraine war
Multibagger stock: BSE share gives 1700% return in 6 months
Multibagger stock: In year-to-date time, this Sejal Glass share price has skyrocketed from 25.50 to ₹244.90 apiece levels, logging near…
Get all your news in one place