Adani Group shares continue to be under strain after all 10 stocks on Wednesday fell, with a loss in market valuation of Rs 40,000 crore. This comes after Wikipedia claimed that some undeclared paid editors created 'puffery' around the billionaire, his family, and his empire by adding non-neutral material and removing warnings from the data.
Adani Group shares in the slump
Adani Enterprise shares went down 10 per cent to Rs 1,411.60, extending the fall for the fourth straight session. Whereas Adani Transmission, Adani Total Gas, Adani Wilmar, and Adani Green were locked in the 5 per cent lower circuit limits.
Adani Group's market capitalization fall below $100 billion
The group's market capitalisation went below the $100 billion mark as more traders started to sell off the conglomerate's shares, with the shares losing 60 per cent of their value in the last month. Since January 24, when US-based short seller Hindenburg Research released its report alleging that Adani Group was involved in stock manipulation and accounting fraud, the stocks of the group have taken a major hit. Though Adani Group refuted the claim as baseless, it did not help the company convince the market, as the combined market capitalisation of all 10 stocks has lost somewhere between Rs 11.5 lakh crore and Rs 7.69 lakh crore.
Wikipedia claims Adani tried to edit Wikipedia articles
The situation went downhill after Wikipedia said that Adani and his employees also tried to con Wikipedia with non-neutral PR versions of related Wikipedia articles. According to Wikipedia, over 40 sock puppets or undeclared paid editors who were later blocked revised nine related articles on Adani family and their family business.
Adani to announce debt refinancing
Since the situation had intensified Adani has been trying to soothe investor nerves by prepaying loans and focusing on cash conservation.
While Adani Transmission told investors that it will announce debt refinancing plans in a few weeks and Adani Port plans to prepay Rs 1,000 crore in commercial papers maturing in March.
