Adani Group companies valuation halves against just 6 pc decline for top 500 cos: Report

Valuation of Adani Group's eight companies more than halved in the six months to April 2023 against just a 6 per cent decline in the top 500 non-government companies, a report said on Tuesday. Adani Total Gas lost 73.8 per cent of its value, Adani Transmission saw a decline of 69.2 per cent, while Adani Green Energy was down by 54.7 per cent, the report by Axis Bank's Burgundy Private and Hurun India said.

"The eight companies in the Adani Group have a combined value of Rs 9.5 lakh crore and constitute 4.5 per cent of the total value of 500 top companies. The Adani Group companies in the review period decreased their value by 52 per cent or Rs 10.25 lakh crore against a decline of just 6 per cent by the top 500 companies," the report said.

Adani Enterprises and Adani Total Gas also moved out of the top 10 most valuable firms during the period under review, the report said.


It can be noted that in late January, a US-based short-seller published a scathing report alleging governance lapses and other shortcomings in the Adani Group, which led to a massive fall in the share prices of its listed entities. The Gautam Adani-led group has denied any wrongdoing.

The report said Reliance Industries was the most valuable Indian company at Rs 16.3 lakh crore despite a 5.1 per cent decline, and was followed by Tata Consultancy Services at Rs 11.8 lakh crore and HDFC Bank at Rs 9.4 lakh crore.

The value of the top 500 companies decreased marginally by 6.4 per cent to Rs 212 lakh crore from Rs 227 lakh crore as on October 30, 2022.

The top 500 companies underperformed when compared to benchmarks like the 30-share Sensex, which was flat during the six months.

Unlisted vaccine maker Serum Institute of India saw a 13 per cent decline in its valuation at Rs 1.92 lakh crore during the period, the report said.

Among the listed unicorns, the valuation of Nykaa, Zomato, Paytm and Policybazaar declined by Rs 7,872 crore during the review period, it said.

To make it to the list of the top 500 non-state-owned companies, an entity was valued at over Rs 5,500 crore or USD 672 million.