WITH JUST a day for its Rs 20,000 crore follow-on public offer (FPO) to close, Adani Enterprises Ltd, the flagship of the Adani Group, partially recovered Monday to end 4.2 per cent higher at Rs 2,878 a share, but continues to be at a 7-12 per cent discount to the FPO price band of Rs 3,112-3,276 a share.
The Adani Enterprises stock had plunged 18 per cent on Friday, and 1.18 per cent on Wednesday.The slide in the fortune of Adani Group and its founder Gautam Adani continued Monday as shares of four of the nine listed group companies hit the lower circuit and two others fell. The Sensex, which shed 631 points intra-day, recovered to close with a gain of 169.51 points, or 0.29 per cent, at 59,500.41, and the NSE Nifty Index gained 45 points at 17,648.95.Besides Adani Enterprises, Ambuja Cements and ACC rose 1.65 per cent and 1.1 per cent, respectively. But the group, as a whole, witnessed an additional decline in its market capitalisation of Rs 1.36 lakh crore taking the aggregate decline in market cap over the last three trading sessions to Rs 5.56 lakh crore.In line with the decline in fortunes of the group companies at the stock exchange, Gautam Adani too witnessed further decline in his personal wealth as he slipped to 8th spot in the Forbes billionaire list on Monday. His net worth declined by USD 8.1 billion on Monday to USD 88.6 billion.In a statement, LIC, the state-owned insurer, said it has invested Rs 36,474.78 crore in Adani Group as on date, and its exposure was 0.975 per cent of the total assets under management (AUM) at book value.The total purchase value of equity, purchased over the last many years, under all the Adani Group companies is Rs 30,127 crore and the market value for the same as on January 27, 2023 was Rs 56,142 crore, it said in a statement. LIC did not disclose the current market value of its equity investment (post meltdown since last Wednesday).