Hindenburg fallout: Adani’s m-cap sinks by over Rs 12 lakh crore

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New Delhi, February 24

There was mixed news for the Adani Group on its new projects even as shares of its 10 listed companies continued to slide, making the fall in their market capitalisation (m-cap) one of the sharpest in recent history.

Adani Group's market capitalisation has dropped to Rs 7.2 lakh crore on Friday from Rs 19 lakh crore exactly a month ago when the Hindenburg report alleged stock manipulation and improper use of tax havens.

Meanwhile, Sri Lanka's Board of Investment has approved two wind power plants of Adani Green Energy at Mannar and Pooneryn for an investment of about $500 million (Rs 4,000 crore).

On the other hand, Adani Power said in a regulatory filing that its subsidiary APML had decided to terminate an agreement with Orient Cement for the utilisation of land in Maharashtra.

The Sri Lanka Board of Investment said on Friday it had issued a letter of approval to Adani Green Energy for two wind power plants. The wind power plant in Mannar will have a capacity of 250 megawatt (MW) and the one in Pooneryn will have a capacity of 100 MW. They are to be commissioned in two years and connected to the national grid by 2025.

The Tribune