Adani Group shares drop on reports of EPFO exposure

Ajmera Realty

MUMBAI: The 10 firms that make up the Adani Group all closed the day in the red due to the day’s heavy selling of its stocks. The decline was primarily caused by reports that pension fund subscribers are also suffering losses as a result of fund managers’ exposure to Adani Enterprises and Adani Ports & SEZ.
The third public organisation to come under fire for its ties to the Adani Group is Employees’ Provident Fund Organisation (EPFO). The other two are the huge banking corporation LIC and SBI.

Since the report’s publication on January 24, the price of Adani Group’s stock has fallen precipitously, with its market capitalization now less than half of its pre-Hindenburg level of Rs 19.2 lakh crore, according to BSE data.
Adani Power, Adani Transmission, Adani Wilmar, and Adani Total Gas all closed at their respective lower circuit levels of 5% on Monday, while NDTV and Adani Green Energy each had a loss of about 4.5%. 1.4% was lost by Adani Ports. The day’s decline left Adani stockholders at Rs 9.4 lakh crore in the red, a loss of Rs 29,932 crore.

Adani purchases 49% of Quintillion Business: For around Rs 48 crore, Gautam Adani’s AMG Media Networks purchased a 49% ownership in the digital business news site Quintillion Business Media, which is edited by Raghav Bahl.