The rout in Adani group stocks, triggered by a scathing report from US-based investment research firm Hindenburg Research, spooked the Indian market on Friday amid fears of contagion.
The Nifty50 index fell 288 points, or 1.61 percent- the most since December 23 - to settle at 17,604, while the Sensex dropped 874 points, or 1.5 percent, to end the session at 59,331, its lowest close since October 21. The Sensex had plunged as much as 2 percent, or 1,230 points, in intra-day trade.
The Bank Nifty index fell 3.13 percent, with shares of SBI and ICICI Bank dropping over 4 percent each. Shares of Life Insurance Corporation of India (LIC), which has significant equity exposure to the Adani group, fell 3.5 percent. India VIX, a gauge for measuring market volatility, rose 18 percent on Friday.
Foreign Portfolio Investors (FPI) sold shares worth ₹5,978 crore on Friday, according to provisional data from the exchanges. Shares of Adani's companies have lost about $50 billion (4.2 trillion) in market value in two sessions.
This story is from the January 28, 2023 edition of Business Standard.
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This story is from the January 28, 2023 edition of Business Standard.
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