Market cap erosion of the Adani Group January-February 2023, by subsidiary
As of February 2, 2023, the Indian conglomerate Adani Group's subsidiary, Adani Total Gas, faced the most losses among all its subsidiaries with a market capitalization erosion of around 2.3 trillion Indian rupees. The market cap of nine Adani stocks reduced from 19.2 trillion Indian rupees to 10.5 trillion rupees at the end of the trading session on February 2. This was the result of Hindenburg research's report alleging the company of fraud, tax evasion and stock manipulation.