COMPANIES & PRODUCTS

Adani Group
 Table of Contents

01 Overview 04 Stakeholders
World's largest conglomerates: market value 2023 03 Shareholding in Adani Group 2022, by type 21
Gautam Adani's net worth 2013-2023 04 Adani Group shares held by promoter group by subsidiary 2022, by subsidiary 22
Gautam Adani's ranking on Forbes billionaires list 2018-2023 05 Mutual fund houses exposure to Adani Group 2022, by size of assets 23
Market capitalization of Adani Group FY 2010-2022 06 Gains from Adani Group's shares from January-August 2022, by subsidiary 24
Change in Adani Group stocks in 2022, by subsidiary 07
Adani Group's debt sources 2023, by type 08 05 Impact of the Hindenburg report
Adani Group share prices January-February 2023, by subsidiary 26
02 Peer comparison Change in Adani Group share prices January-February 2023, by subsidiary 27
Leading power generation companies in India 2024, by market capitalization 10 Market cap erosion of the Adani Group January-February 2023, by subsidiary 28
Leading gas distribution companies in India 2024, by market capitalization 11 Change in market cap of the Adani Group January-February 2023, by subsidiary 29
Leading trading companies in India 2024, based on market capitalization 12 Change in market capitalization of AMCs exposed to Adani 2023 30
Leading consumer food companies India 2024, by market capitalization 13 Value of LIC holdings in Adani stocks January-February 2023, by subsidiary 31
Value of FII holdings in Adani stocks January-February 2023, by subsidiary 32
03 Portfolio financials
Adani Group's EBIDTA FY 2021-2023, by subsidiary 15
Adani Group's PAT FY 2021-2023, by subsidiary 16
Adani Group's price-to-earnings ratio by subsidiary 2022 17
Adani Group gross debt FY 2021-2022, by subsidiary 18
Adani Group's current ratio FY 2022, by subsidiary 19

1
CHAPTER 01

Overview
 World's largest conglomerates as of May 5, 2023, based on market value
(in billion U.S. dollars)
World's largest conglomerates: market value 2023

Market value in billion U.S. dollars

0 20 40 60 80 100 120 140 160 180 200

Reliance Industries (India) 189.19

Danaher (U.S.) 178.9

Raytheon Technologies (U.S.) 141.12

Honeywell International (U.S.) 132.08

Siemens (Germany) 130.65

General Electric (U.S.) 109.16

ABB (Switzerland) 66.75

3M (U.S.) 57.02

Softbank (Japan) 56.05

Hitachi (Japan) 53.76

Mitsubishi (Japan) 53.5

Itochu (Japan) 49.18

Mitsui (Japan) 48.16

LG Chem (South Korea) 43.26

Sun Hung Kai Properties (Hong Kong) 40.84

3 Description: Reliance Industries topped the 2023 ranking of the conglomerates with the highest market value worldwide. The conglomerate beat out major players such as Danaher, Honeywell International, 3M, Raytheon Technologies, and Siemens. Read more
Note(s): Worldwide; as of May 5, 2023
Source(s): FactSet; Forbes
 Net worth of Gautam Adani from 2013 to 2023 (in billion U.S. dollars)
Gautam Adani's net worth 2013-2023

100
90
90

80
Net worth in billion U.S. dollars

70

60
50.5
50 43.3

40

30

20
9.7 8.7 8.9
10 6.6 5.8
3.1 2.8 3.5

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022* 2023**

4 Description: As of February 2, 2023, Gautam Adani's net worth stood at 43.3 billion U.S. dollars, a staggeringly low figure as compared to 90 billion U.S. dollars in April 2022. Gautam Adani's net worth took a serious blow after the publication of the Hindenburg report
on January 24, 2023, alleging accounting fraud, stock manipulation, and other charges. Read more
Note(s): India; 2013 to 2023; figures for 2023 are as of March 3
Source(s): Forbes
 Gautam Adani's ranking on Forbes billionaires list from 2018 to 2023
Gautam Adani's ranking on Forbes billionaires list 2018-2023

180
167

160 154 155

140

120
Forbes ranking

100

80

60

40
24 26
20 11

0
2018 2019 2020 2021 2022* 2023**

5 Description: As of February 2, 2023, Gautam Adani's rank on the Forbes billionaires list slipped from being the 11th richest person in the world to the 26th. However, it is noteworthy that his ranking elevated from 155 in 2020 to 24 in 2021. Gautam Adani's net worth
took a serious blow after the publication of Hindenburg report on January 24th 2023 alleging his company's involvement in financial fraud and other charges. Read more
Note(s): India; 2018 to 2023; *Ranking for 2022 is from April 5.**Ranking for 2023 is as of February 2. Read more
Source(s): Forbes
 Market capitalization of the Adani Group from financial year 2010 to 2022
(in trillion Indian rupees)
Market capitalization of Adani Group FY 2010-2022

18

15.58
16
Market cap in trillion Indian rupees

14

12

10

2 1.31
0.82

0
FY 2010 FY 2020 FY 2022

6 Description: As of financial year 2022, the market capitalization of the Adani Group spiked to 15.58 trillion Indian rupees from 1.31 trillion Indian rupees in 2020. The Adani Group, founded by Gautam Adani, is an Indian conglomerate with a diversified portfolio. Read
more
Note(s): India; FY 2010 to FY 2022
Source(s): Capitaline; Fortune India
 Change in Adani Group stocks in 2022, by subsidiary
Change in Adani Group stocks in 2022, by subsidiary

250%

204%
200% 187%

150%
YTD change

122% 118%
110%
100%

48% 43%
50% 37%

11% 11%

0%
Adani Power New Delhi Adani Adani Wilmar Adani Total Adani Adani Green Ambuja Adani Ports ACC Ltd.
Ltd. Television Ltd. Enterprises Ltd. Gas Ltd. Transmission Energy Ltd. Cements Ltd. and Special
Ltd. Ltd. Economic Zone
Ltd.

7 Description: During 2022, Adani Power Limited witnessed a 204 percent surge in shares, the highest among other subsidiaries of the Adani Group. NDTV was the second-best-performing stock among the Adani Group of companies. YTD or year-to-date refers to the
amount of profit made since the first day of the current year. Read more
Note(s): India; 2022
Source(s): Ace Equity; The Economic Times
 Breakdown of Adani Group's debt sources as of January 27, 2023, by type
Adani Group's debt sources 2023, by type

Others 4%
Related parties 8%

Rupee bonds 8%

Bank debt 39%

Borrowings from financial
institutions 12%

USD/FX bonds 29%

8 Description: As of January 27, 2023, banks held a 39 percent share in Adani Group's total debt. Within this category, a major portion was held by public sector banks. Concerns over banks' exposure to the Adani Group have emerged post the publication of Hindenburg
Research's report alleging financial fraud and stock manipulation. USD and FX bonds were the second biggest source of debt financing for the group. Read more
Note(s): India; as of January 27, 2023
Source(s): Business Insider; CLSA Asia-Pacific Markets
CHAPTER 02

Peer comparison
 Leading power generation and distribution companies in India as of March
2024, by market capitalization (in billion Indian rupees)
Leading power generation companies in India 2024, by market capitalization

Market capitalization in billion Indian rupees

0 500 1,000 1,500 2,000 2,500 3,000 3,500

NTPC Limited 3,149.96

Power Grid Corporation Limited 2,564.18

Adani Power Limited 2,048.03

Tata Power Company Limted 1,248.42

Adani Energy Limited 1,131.89

National Hydroelectric Power Corporation Limited 854.33

Jindal South West Energy 847.42

Torrent Power 617.23

Satluj Jal Vidyut Nigam Limited 482.78

ndian Renewable Energy Development Agency 372.66

10 Description: As of March 2024, NTPC Limited, was the leading power generation and distribution company based on market capitalization. Power Grid Corporation Limited and Adani Power Limited were in the second and third positions respectively. Read more
Note(s): India; as of March 22, 2024; Standalone figures
Source(s): Moneycontrol
 Leading gas distribution companies in India as of March 2024, by market
capitalization (in billion Indian rupees)
Leading gas distribution companies in India 2024, by market capitalization

Market capitalization in billion Indian rupees

0 200 400 600 800 1,000 1,200 1,400

GAIL 1,143.73

Adani Total Gas 1,032.89

Gujarat Gas 364.16

IGL 287.56

Mahanagar Gas 132.39

Refex Industries 16.13

Bombay Oxygen 2.61

National Oxygen 5.36

Kabsons Industries 3.21

Gagan Gases 1.02

11 Description: GAIL, a government-owned natural gas explorer and producer, was the leading gas distribution company based on market capitalization with over 1143.73 billion Indian rupees as of March 2024. Adani Total Gas, a major PNG and CNG distributor in India,
was in the second position, in terms of market capitalization, with a value of around 1032.89 billion Indian rupees. Read more
Note(s): India; as of March 22, 2024
Source(s): Moneycontrol
 Leading trading companies in India as of February 2024, based on market
capitalization (in billion Indian rupees)
Leading trading companies in India 2024, based on market capitalization

Market capitalization in billion Indian rupees

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

Adani Enterprises 3,623.89

Sundram 226.94

Redington 156.08

MMTC Limited 116.03

MSTC 63.58

LLOYDS Enterprises Limited 45.48

Landmark Cars Limited 29.66

EFC Limited 21.85

Veritas Limited 16.76

Polo Queen Industrial and Fintech 14.13

12 Description: Adani Enterprises was the leading trading company in India as of February 2024, based on market capitalization valued at over three trillion Indian rupees. Sundram came in second with about 226 billion rupees in the same time period. Read more
Note(s): India; as of February 2024; based on BSE standings.
Source(s): Moneycontrol
 Leading consumer food companies in India as of February 2024, by
market capitalization (in billion Indian rupees)
Leading consumer food companies India 2024, by market capitalization

Market capitalization in billion Indian rupees

0 500 1,000 1,500 2,000 2,500 3,000

Nestle India 2,387.2

Britannia Industries 1,241.4

Adani Wilmar 455.67

Jubilant Foodworks 326.03

Hatsun Agro Products 250.38

Devyani International 207.65

Bikaji Foods 140.07

Godrej Agrovet 104.25

Zydus Wellness 101.69

Bectors Food 69.92

13 Description: As of February 2024, Nestle India led the consumer food category with a market capitalization of approximately 2.4 trillion Indian rupees. Britannia Industries came in second with a market capitalization of over one trillion Indian rupees. Read more
Note(s): India; February 2024
Source(s): Moneycontrol
CHAPTER 03

Portfolio financials
 Adani Group's EBIDTA from 2021 to 2023, by subsidiary (in billion Indian
rupees)
Adani Group's EBIDTA FY 2021-2023, by subsidiary

EBIDTA in billion Indian rupees

FY 2021 FY 2022 FY 2023

0 50 100 150 200 250 300 350 400 450

Adani Power Limited 105.97 137.89 143.12

Adani Ports and SEZ 80.63 106.07 128.33

Adani Transmission 50.66 54.93 61.01

Adani Enterprises Limited 32.59 47.26 100.25

Adani Green Energy Limited 27.1 39.26 63.31

Adani Total Gas Limited 7.49

8.15
9.07

15 Description: During the financial year 2023, Adani Power Limited registered a four percent growth in EBIDTA as compared to 2022 and stood at over 143 billion Indian rupees. There was a growth in EBITDA across Adani subsidiaries in fiscal year 2023 as compared to
the previous financial year. Read more
Note(s): India; FY 2021 to FY 2023
Source(s): Adani Enterprises Limited
 Adani Group's profit after tax from 2021 to 2023, by subsidiary (in billion
Indian rupees)
Adani Group's PAT FY 2021-2023, by subsidiary

PAT in billion Indian rupees

FY 2021 FY 2022 FY 2023

0 20 40 60 80 100 120 140 160 180

Adani Power Limited 12.7 49.12 107.27

Adani Ports and SEZ 50.49 49.53 53.92

Adani Transmission 12.9 12.36 12.81

Adani Enterprises Limited 9.22 7.77 24.73

Adani Total Gas Limited 4.724.89 9.73

Adani Green Energy Limited 1.82

5.05 5.3

16 Description: During the financial year 2023, Adani Power Limited registered a 118 percent increase in profit after tax as compared to 2022 and stood at over 107 billion Indian rupees. There was an increase in profit across all subsidiaries, the highest being for Adani
Enterprises Limited with a 218 percent increase in profit after tax. Read more
Note(s): India; FY 2021 to FY 2023
Source(s): Adani Enterprises Limited
 Adani Group's price-to-earnings (PE) ratio as of May 2022, by subsidiary
Adani Group's price-to-earnings ratio by subsidiary 2022

PE ratio
0 100 200 300 400 500 600 700 800

Adani Green 702.43

Adani Total Gas 521.15

Adani Enterprises 502.53

Adani Transmission 198.92

Adani Wilmar 117.16

Adani Ports 31.34

Adani Power 24.68

17 Description: As of May 2022, Adani Group's subsidiary Adani Green's price-to-earnings ratio was 702.43, the highest among all other Adani subsidiaries. PE ratio refers to how much money investors are willing to pay for every rupee that the company earns per share.
Read more
Note(s): India; as of May 2022
Source(s): Business Insider; National Stock Exchange of India
 Adani Group's gross debt from financial year 2021 to 2022, by subsidiary
(in billion Indian rupees)
Adani Group gross debt FY 2021-2022, by subsidiary

FY 2021 FY 2022
600

521.88
500
Gross debt in billion Indian rupees

454.56
410.23
400
344.01
303.99
300 281.46
238.74

200
160.51

100

4.88 10.99
0
Adani Green Adani Ports Adani Enterprises Adani Transmission Adani Gas

18 Description: Indian conglomerate Adani Group's subsidiary, Adani Green, recorded a gross debt of around 522 billion Indian rupees in fiscal year 2022. This was an increase from around 238 billion Indian rupees in financial year 2021. The Adani Group witnessed an
increase in debt across major subsidiaries during the financial year 2022. Read more
Note(s): India; FY 2022
Source(s): INDmoney
 Adani Group's current ratio in the financial year 2022, by subsidiary
Adani Group's current ratio FY 2022, by subsidiary

Current ratio
0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6%

Adani Ports 1.5%

Adani Wilmar 1.2%

Adani Power 0.9%

Adani Transmission 0.8%

Adani Enterprises 0.7%

Adani Green Energy 0.5%

Adani Total Gas 0.2%

19 Description: In 2022, Adani Total Gas had a current ratio of 0.2, the lowest among all Adani subsidiaries. On the other hand, Adani Ports and Adani Wilmar were able to generate a positive cash flow. Current ratio refers to a company's ability to pay short-term
obligations. Having a current ratio in line with the industry average or a bit higher is considered acceptable. Read more
Note(s): India; FY 2022
Source(s): FactSet; Hindenburg Research
CHAPTER 04

Stakeholders
 Shareholding pattern of Adani Group as of December 2022, by type
Shareholding in Adani Group 2022, by type

80%
72.63%
70%

60%
Shareholder share by type

50%

40%

30%

18.92%
20%

10%
1.19% 1.86%
0%
Promoter Foreign Institutional Investors Mutual Funds Retail

21 Description: As of December 2022, the promoter group held more than 72 percent of shares of the Adani Group. The promoter group forms a major part of forming a company. This could be the prospective owners or the directors of the company. Promoters were
followed by foreign institutional investors as the second highest shareholding group in the Adani businesses. Read more
Note(s): India; As of December 2022
Source(s): Forbes; Prime Infobase Group
 Adani Group shares publicly held by promoter group as of end of
December 2022, by subsidiary
Adani Group shares held by promoter group by subsidiary 2022, by subsidiary

Shares held by promoter group

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Adani Wilmar 87.94%

Adani Power 74.97%

Adani Total Gas 74.8%

Adani Transmission 74.19%

Adani Enterprises 72.63%

Adani Ports 65.13%

Adani Cements 63.22%

Adani Green Energy 60.75%

ACC 56.69%

22 Description: As of December 2022, the promoter group held 87.94 percent in Adani Wilmar, followed by 74.97 percent in Adani Power. The promoter group is crucial in forming a company. It usually includes the prospective owners or the directors of the company.
Read more
Note(s): India; As of December 2022
Source(s): BSE (India); Hindenburg Research
 Mutual fund houses exposure to Adani Group as of December 2022, by
size of assets (in billion Indian rupees)
Mutual fund houses exposure to Adani Group 2022, by size of assets

Exposure in billion Indian rupees

0 5 10 15 20 25 30 35 40 45 50

SBI MF 47.48

UTI MF 18.68

Kotak Mahindra MF 15.93

Nippon India MF 12.62

ICICI Prudential MF 12.03

HDFC MF 7.61

Quant MF 6.95

Aditya Birla Sun Life MF 3.98

Tata MF 3.89

NJ MF 2.97

DSP MF 2.41

IDFC MF 2.06

Edelweiss MF 1.74

Axis MF 1.54

Mirae Asset MF 0.58

23 Description: As of December 2022, SBI Mutual Funds in India had the highest exposure to the Adani group at around 47 billion Indian rupees in absolute terms, followed by UTI Mutual Funds. A large number of mutual fund companies incurred significant losses as a
result of setbacks to Adani Group's stocks post-publication of Hindenburg's report claiming fraud and stock manipulation, among others. Read more
Note(s): India; As of December 2022
Source(s): Business Insider; MSN; Value Research
 Gains from Adani Group's shares from January to August 2022, by
subsidiary
Gains from Adani Group's shares from January-August 2022, by subsidiary

350%

300% 287.7%

250%

200%
Gains

157.7%
150%
123.4%
102.8%
100% 83.1%
73.5%

50%
13.2%

0%
Adani Power Adani Wilmar Adani Transmission Adani Total Gas Adani Enterprises Adani Green Energy Adani ports and SEZ

24 Description: From January to August, 2022, seven publicly traded Adani companies witnessed a spike in gains from shares. Leading the pack was the subsidiary, Adani Power, which offered 287.7 percent gains during the period. Read more
Note(s): India; January to August 2022
Source(s): BSE (India); Times of India
CHAPTER 05

Impact of the Hindenburg

report
 Share prices of Adani Group on January 24 and February 3 in 2023, by
subsidiary (in Indian rupees per share)
Adani Group share prices January-February 2023, by subsidiary

Share price in Indian rupees

February 3 January 24

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

Adani Total Gas 1,625.95

3,885.45
Adani Enterprises 1,584.2
3,442.75
Adani Green Energy 934.25
1,913.55
Adani Transmission 1,401.55
2,756.15
Adani Ports and SEZ 498.85
760.85
Adani Power 192.05
274.8
Adani Wilmar 400.4
573.15
NDTV 211.75
283.95
Ambuja Cements 373.3
498.55
ACC 1,926.3
2,336.2

26 Description: Between January 24 and February 3, 2023, Adani Group's subsidiaries reported a significant fall in share prices with Adani Total Gas landing at 1,625.95 Indian rupees per share from 3885.45 Indian rupees. This can be attributed to short-seller Hindenburg
Research's report on Adani Group's involvement in stock manipulation and accounting fraud. Read more
Note(s): India; January 24, 2023 to February 3, 2023; as per closing price on BSE sensex
Source(s): Press Trust of India; Rediff; Various sources (KBK infographics)
 Change in Adani Group share prices between January 24 and February 3 in
2023, by subsidiary
Change in Adani Group share prices January-February 2023, by subsidiary

Fall in share price

-70% -60% -50% -40% -30% -20% -10% 0%

Adani Total Gas -58.2%

Adani Enterprises -54%

Adani Green Energy -51.2%

Adani Transmission -49.1%

Adani Ports and SEZ -34.4%

Adani Power -30.1%

Adani Wilmar -30.1%

NDTV -25.4%

Ambuja Cements -25%

ACC -17.5%

27 Description: Between January 24 and February 3, 2023, Adani Group's subsidiaries reported a significant change in share prices, with Adani Total Gas at a 58.2 percent fall. This can be attributed to short-seller Hindenburg Research's report on stock manipulation and
accounting fraud by the Adani Group. Read more
Note(s): India; January 24 and February 3, 2023; as per closing price on BSE sensex
Source(s): Press Trust of India; Rediff; Various sources (KBK infographics)
 Erosion in market capitalization of the Adani Group from January 24 to
February 2, 2023, by subsidiary (in billion Indian rupees)
Market cap erosion of the Adani Group January-February 2023, by subsidiary

Market cap erosion in billion Indian rupees

0 500 1,000 1,500 2,000 2,500 3,000

Adani Total Gas Ltd 2,401.22

Adani Enterprises Ltd 2,171.82

Adani Green Energy Ltd 1,371.88

Adani Transmission Ltd 1,331.71

Adani Ports and Special Economic Zone Ltd 645.23

Ambuja Cements Ltd 288.51

Adani Power Ltd 281.36

Adani Wilmar Ltd 196.25

ACC Ltd 90.97

New Delhi Television Ltd 3.87

28 Description: 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. Read more
Note(s): India; January 24 to February 2, 2023
Source(s): Business Today
 Change in market capitalization of the Adani Group from January 24 to
February 3, 2023, by subsidiary
Change in market cap of the Adani Group January-February 2023, by subsidiary

Change in market cap

-60% -50% -40% -30% -20% -10% 0%

Adani Total Gas Ltd -56%

Adani Enterprises Ltd -55%

Adani Green Energy Ltd -46%

Adani Transmission Ltd -44%

Adani Ports and Special Economic Zone Ltd -39%

Ambuja Cements Ltd -29%

Adani Power Ltd -27%

Adani Wilmar Ltd -26%

ACC Ltd -21%

New Delhi Television Ltd -21%

29 Description: As of February 3, 2023, Adani Group's subsidiary, Adani Total Gas, had the most losses among all the Indian conglomerate's subsidiaries with a 56 percent reduction in market capitalization, followed by Adani Enterprises with 55 percent erosion. This was
the result of Hindenburg research's report alleging the company's involvement in fraud, tax evasion and stock manipulation. Read more
Note(s): India; January 24 to February 3, 2023
Source(s): Business Today
 Change in market capitalization of select asset management companies
exposed to Adani Group from December 2022 to January 2023
Change in market capitalization of AMCs exposed to Adani 2023

Change in market capitalization

-70% -60% -50% -40% -30% -20% -10% 0% 10%

NJ MF -63.4%

Mirae MF -50.7%

IDFC MF -38.1%

Motilal Oswal MF -35%

Mahindra Manulife MF -33%

Axis MF -30.5%

HSBC MF -29.8%

Quant MF -25.8%

Edelweiss MF -23.6%

Baroda BNP Paribas -20.5%

Franklin Templeton MF -19.1%

Aditya Birla SL MF -15.3%

DSP MF -12.1%

Invesco MF 1.9%

30 Description: As a result of exposure to the Adani Group, NJ Mutual Funds in India reportedly witnessed a 63 percent erosion in their market capitalization between December 2022 and January 2023. A large number of mutual fund companies incurred significant losses
as a result of the setback to Adani Group's stocks. This was post the publication of Hindenburg's report claiming the conglomerate was involved in fraud and stock manipulation among others. Read more
Note(s): India; December 2022 to January 2023
Source(s): Fisdom; The Hindu
 Value of LIC holdings in Adani stocks from January 24 to February 3, 2023
(in billion Indian rupees), by subsidiary
Value of LIC holdings in Adani stocks January-February 2023, by subsidiary

Value in billion Indian rupees

February 03, 2023 January 24, 2023

0 50 100 150 200 250 300

106.64
Adani Total Gas
254.84
98.54
Adani Ports
150.29
76.32
Adani Enterprises
165.85
57.01
Adani Transmission
112.11
46.93
Ambuja Cements
62.61
23.18
ACC
28.11
18.97
Adani Green Energy
38.86

31 Description: As of February 2023, the Indian state-owned Life Insurance Corporation, one of the biggest institutional investors in Adani stocks, lost around 385.09 billion Indian rupees in the wake of the latter's plummeting stocks. LIC holdings in Adani Total Gas
witnessed a significant decrease in value since January 24, 2023. Post the release of the Hindenburg report alleging fraud and stock manipulation among others, the Adani stocks have witnessed a significant fall. Read more
Note(s): India; January 24, 2023 to February 3, 2023
Source(s): Ace Equity; The Economic Times
 Value of foreign institutional investors holdings in Adani stocks from
January 24 to February 3, 2023 (in billion Indian rupees), by subsidiary
Value of FII holdings in Adani stocks January-February 2023, by subsidiary

Value in billion Indian rupees

February 03, 2023 January 24, 2023

0 100 200 300 400 500 600 700 800

Adani Total Gas 308.47

737.14
Adani Transmission 301.98
593.83
Adani Enterprises 277.99
604.11
Adani Green Energy 224.04
458.88
Adani Ports 148.36
226.27
Adani Power 95.41
136.52
Ambuja Cements 79.03
105.43
ACC 43.23
52.43
Adani Wilmar 8.19
11.72
NDTV 0.73
0.98

32 Description: Foreign institutional investors' holdings in Indian conglomerate Adani group's subsidiary, Adani Total Gas ,witnessed a significant decrease in value, from around 737 billion Indian rupees as of January 24, 2023 to about 308 billion Indian rupees on
February 3, 2023. The value of FII holdings in other Adani subsidiaries also witnessed a prominent decrease. This came after the release of the Hindenburg report alleging the company's involvement in fraud and stock manipulation. Read more
Note(s): India; January 24, 2023 to February 3, 2023
Source(s): Ace Equity; The Economic Times
 Sources

Ace Equity Times of India

Adani Enterprises Limited Value Research
BSE (India) Various sources (KBK infographics)
Business Insider
Business Today
Capitaline
CLSA Asia-Pacific Markets
FactSet
Fisdom
Forbes
Fortune India
Hindenburg Research
INDmoney
Jefferies & Company
Moneycontrol
MSN
National Stock Exchange of India
Press Trust of India
Prime Infobase Group
Rediff
The Economic Times
The Hindu

33