The biggest intraday drop in share price was witnessed by NDTV, which dropped 6%.

On December 8, Adani Group equities saw significant declines in trading, plunging as much as 6% after recording new highs in the preceding days. The Sensex reached a high of 69,888.33, while the leading indices reached new lifetime highs. The NSE Nifty 50 overshot the crucial 21,000 milestone at 21,006.10.

At Rs 2,833.6 apiece, the group’s flagship, Adani Enterprises, was down 1.83 percent from the closing price of the previous session. The counter has increased 278 percent from its 52-week low of Rs 1,017.45, which was reached after the Hindenburg report was made public.

NDTV topped the losses among the group’s equities, falling 5.55 percent as of 12 p.m. Nonetheless, the shares have increased 61.5 percent each from its 52-week low.

Adani Green Energy and Adani Energy Solutions had declines of 4.8% and 4.12%, respectively. Adani Green Energy declared earlier in December that it has obtained an extra $1.36 billion in funding via a senior lending arrangement. This past month, the counter increased by seventy percent.

Adani Wilmar and Adani Power both had declines of about 3 percent, while cement players ACC and Ambuja Cement saw declines of up to 2 percent. Adani Total Gas was the only performer to show improvement, managing a meager 0.09 percent increase on the BSE.

Rally acceleration

Adani Group counters have, however, increased during the preceding sessions after the Supreme Court, in late November, questioned the grounds for doubting the Securities and Exchange Board of India’s investigation into the Adani-Hindenburg affair.

The US authorities did not consider Hindenburg Research’s accusations of corporate fraud against the company to be relevant, according to a recent article, which gave the surge even more momentum.

The company’s intention to spend Rs 7 lakh crore on capital expenditures over the next ten years and Adani Green Energy’s success in obtaining a $1.36 billion loan from a group of eight foreign banks served as additional significant catalysts.

One day before to Hindenburg Research’s report’s release on January 23, the group’s market capitalization exceeded Rs 19 lakh crore. Following a collapse in firm stock prices due to the revelation, it fell as low as 6.8 lakh crore. Although the market capitalization of the stocks has now increased to approximately Rs 15 lakh crore, it is still below its pre-January 24, 2023 level.