Hindenburg Effect: Adani out of top 10 rich list; stocks' circuit limits lowered

It’s a mixed trading day for the shares of Adani Group companies. While Adani Total Gas, Adani Wilmar and Adani Power continue to be in a free-fall for the fourth day running, some of the group stocks, namely Adani Enterprises, Ambuja Cements, ACC and Adani Ports have clocked healthy gains. Meanwhile, circuit limit for Adani Total Gas, Adani Green Energy and Adani Transmission has been narrowed from 20 per cent to 10 per cent.

Remember, market regulator SEBI mandates the stock exchanges to reduce the circuit limits for a stock if it hits the same circuit for two days in a row. The sell-off in Adani Group stocks after the report by US based short-seller Hindenburg Research last week has also resulted in a sharp decline in Group’s Chairman Gautam Adani’s net-worth. According to the Bloomberg Billionaires Index, the tycoon has slipped out of the list of the world's top 10 richest people, falling to the 11th place.