June seems to be weighing heavily on businessman Gautam
Adani. Shares of Adani Group companies continued to fall for the third
consecutive day on Wednesday. Gautam Shantilal Adani has a close relationship
with June. This famous businessman was born on 24 June 1962.
Three companies of Adani Group experienced a lower circuit for the third consecutive day on Wednesday. The three companies include Adani Transmission, Adani Power, and Adani Total Gas. A lower circuit means there cannot be more falls than that in a day. 33 years ago in 1988, Gautam Adani started his career in the business world. But Adani came into the limelight only after 2014. Adani Group companies do business of agriculture, defense, and airplane services.
Shares continued to fall since Monday after news of three foreign investors freezing their money in Adani Group companies. On Monday, the stock of Adani Enterprises had fallen 22%. Apart from this, the shares of the remaining 5 listed companies had seen a decline ranging from 5 to 15%. Although there was a recovery in the shares of three companies by the end of the evening, the shares of the remaining three are continuously in the lower circuit.
Due to this fall, the market cap of Adani Group companies has fallen by more than Rs 86 thousand crore in three days. The market capitalization of all the 6 listed companies was Rs 9.42 lakh crore on Friday, which fell to Rs 8.56 lakh crore on Wednesday. The biggest reduction in this has come in Adani Total Gas. Its market cap has decreased by Rs 25 thousand 494 crore. Its market cap was Rs 1.78 lakh crore on Friday, which rose to Rs 1.53 lakh crore on Wednesday.
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