Carnage: 2023 Returns of ‘All 10’ Adani Stocks!

The second half of January 2023 was carnage for the Adani Group’s listed companies as a forensic financial research firm Hindenburg Research came out with its extensively researched report, alleging that the Adani Group had committed the ‘biggest financial fraud in corporate history’. 

Soon after the report came into the limelight, the share price of all Adani companies went for a toss. Hitting lower circuits has now become a common phenomenon for these stocks and some of them have eroded half of their value from their 52-week highs. If you are interested in knowing how much damage these stocks have taken, here are their 2023 returns, as of 1 February 2023.

Note: The market capitalization and P/E ratio mentioned below are as of yesterday.

Adani Enterprises Limited

The biggest Adani Group company, Adani Enterprises Ltd (NS: ADEL ) has a market capitalization of INR 3,14,805 crores. It is the most expensive Nifty 50 stock, with a P/E ratio of 405.38. The stock tumbled a whopping 44.66% in 2023. Interestingly, it tanked noticeably even after a full subscription to its recent INR 20,000 crores FPO.

Adani Ports and Special Economic Zone Limited

Adani Ports and Special Economic Zone Ltd (NS: APSE ) is a INR 1,28,949 crores big port infrastructure company, currently trading at a P/E ratio of 27.27. It is also a Nifty 50 stock with a weightage of around 0.54% in the index and the stock took a massive hit of 39.47% in 2023, breaking below the two-year-long support of INR 640.

Adani Green Energy Limited

Adani Green Energy Ltd (NS: ADNA ) is a renewable energy company with a market capitalization of INR 2,35,426 and trades at an exorbitant P/E ratio of 481.4. The shares cracked by 40.19% in 2023 and still, there is no support zone in vicinity.

Adani Total Gas Limited

Adani Total Gas Ltd (NS: ADAG ) is the hardest-hit company in the group. It is a gas distribution company that supplies piped natural gas and has a market capitalization of INR 3,22,024 crores, the largest group company. The stock plunged by 48.61% so far in 2023 and another 20% fall is quite possible, looking at the daily chart.

Adani Transmissions Limited

Adani Transmission Ltd (NS: ADAI ) is engaged in engineering, construction management/operation and maintenance of power infrastructure, having a market capitalization of INR 2,24,682 crores. With still a triple-digit P/E ratio of 186.52, the stock is not cheap despite a 33.43% cut in the share price this year.

Adani Power Limited

Adani Power Ltd (NS: ADAN ) is in the electricity generation business through coal-based thermal power plants and coal trading. It has a market capitalization of INR 95,632 crores, making it the 54th biggest company on the NSE. The stock took a relatively less hit due to its 5% lower circuit and lost a 29.01% value this year.

Adani Wilmar Limited

Adani Wilmar Ltd (NS: ADAW ) is the FMCG arm of the Adani Group, having a market capitalization of INR 67,173 crores and a P/E ratio of 83.58. The stock marked its debut on the Indian bourses on 8 February 2022 at INR 227 and it fell 28.25% in 2023, the majority of the losses being saved by a 5% lower circuit limit.

Ambuja Cement Limited

The Adani Group recently acquired a 63.1% majority stake in Ambuja Cements Ltd. (NS: ABUJ ), which is a INR 75,543 crores big cement manufacturer. Although there wasn’t much of an issue with this company, still being an Adani Group company was a sufficient reason for its share price to tank by 36.25% in 2023 so far.  

ACC Limited

ACC Ltd (NS: ACC ), having a market capitalization of INR 35,299 crores is also a recently acquired cement manufacturer along with Ambuja Cements, which together make the Adani Group the second-biggest cement player in India, after UltraTech Cement (NS: ULTC ). ACC’s share price was torpedoed by 28.37% this year so far.

New Delhi Television Limited

New Delhi Television Ltd (NS: NDTV ) is the newest Adani Group acquisition and after acquiring an interest of 27.26%, the group became a majority shareholder with a total stake of 64.7%. This broadcaster is the smallest listed entity of the Adani Group with a market capitalization of only INR 1,652 crores. Again, nothing wrong with the business but being associated with the Group now, its share fell 31.83% from 1 January 2023 to 1 February 2023.