The Adani Group, one of India’s largest conglomerates, has been hit hard following the bombshell report by German investigative journalist, Bastian Obermayer, who exposed the group’s alleged involvement in a money laundering scheme. The report, which was released on March 22nd, sent shockwaves through the Indian markets, resulting in a massive sell-off of Adani stocks.
In the month since the report was released, the Adani Group has lost more than ₹12 lakh crore in market capitalization, with its stock prices plunging by more than 10%. The group’s flagship company, Adani Enterprises, has seen its market cap drop from ₹1.8 lakh crore to ₹1.3 lakh crore in the space of a month.
The group’s other listed companies, Adani Power and Adani Green Energy, have also seen their market caps drop significantly, with Adani Power’s market cap falling from ₹67,000 crore to ₹57,000 crore and Adani Green Energy’s market cap dropping from ₹32,000 crore to ₹25,000 crore.
The Adani Group has been facing intense scrutiny since the release of the Obermayer report. The report alleged that the group had been involved in a money laundering scheme involving over ₹2,000 crore of payments to shell companies. The group has denied any wrongdoing and has said that it will cooperate with any investigation into the matter.
However, investors have been spooked by the allegations and have been selling off Adani stocks in droves. The group’s share prices have been on a downward spiral since the report was released and there is no sign of them recovering anytime soon.
The Adani Group’s troubles have been compounded by the Indian government’s decision to increase taxes on the group’s coal imports. The government has also been tightening the screws on the group’s other businesses, such as its ports and airports.
The Adani Group’s troubles have been further compounded by the ongoing protests against its projects in India. Activists have been protesting against the group’s plans to build a coal-fired power plant in the state of Tamil Nadu and a port in the state of Gujarat.
It remains to be seen how the Adani Group will fare in the coming months. The group’s stocks have been in shambles since the release of the Obermayer report and the group is facing a lot of headwinds. It is likely that the group will take a long time to recover from the damage caused by the report.