Adani stocks fall sharply; Adani Total Gas tumbles over 39% in 3 days

Shares of Adani group firms have faced heavy drubbing since Tuesday's close last week, after US-based short seller Hindenburg Research made damaging allegations against the conglomerate.

Most of the group firms fell for the third day running on Monday.

Since Tuesday's close last week, shares of Adani Total Gas tanked 39.57 per cent, Adani Transmission tumbled 37.95 per cent, Adani Green Energy declined 37.93 per cent, Ambuja Cements went lower by 22.28 per cent and Adani Ports fell 21.55 per cent on the BSE.

In three days, shares of ACC tanked 18.47 per cent, Adani Enterprises fell 16.38 per cent, Adani Wilmar dipped 14.25 per cent, Adani Power (14.24 per cent) and NDTV (14.22 per cent).

The group firms have collectively lost over Rs 5.56 lakh crore in market valuation between Tuesday last week and Monday.

On Friday, the Adani group stocks fell up to 20 per cent after Hindenburg Research made damaging allegations.

The Hindenburg Research report came two days before Adani Enterprises' Rs 20,000 crore Follow on Public Offer (FPO) that opened for subscription on January 27.