Suspense Crime Sach Ka Dam
[ad_1]
Adani Group shares have lost $10 billion in the last one week. This comes after two listed companies of the group were dropped from the MSCI India index, leading to a selloff in the group’s shares. Two Adani group companies, Adani Total Gas and Adani Transmission, will be delisted from the index later this month. Circle says that its impact has been seen on all 10 listed counters of the group. Besides, concerns over the company’s fund-raising plans have also adversely affected the share price, said sources.
According to circles, the divestment from MSCI is likely to result in an exit of $390 million from Adani Total and Adani Transmission. Both these counters have witnessed seller circuit in last few sessions due to heavy selling by passive funds. According to an independent market analyst, the withdrawal of funds will have an impact on other counters of the Adani group as well. Shares of flagship company Adani Enterprises, an incubator for Adani group companies, declined 4 per cent last week. This is the biggest weekly decline since March. At the end of last week, the company’s board approved Rs. 12,500 crores were sanctioned. The company will raise this money through qualified institutional placement. The board of group company Adani Transmission has also approved Rs. 8,500 crores were sanctioned. Thus, both the group companies received Rs. 21,000 crores will be raised. However, there has been concern in market circles about equity dilution. Leading ESG funds have sharply reduced their exposure to Adani Group shares after US short-seller Hindenburg reported in January.
