India markets fell sharply on Thursday while recovering some losses towards the end. This was mainly due to a sell-off in Adani Group stocks following an indictment of Gautam Adani and several others in a $250 million bribery case, Sensex closed at 77,155, down by 422 points while the broader Nifty50 finished at 23,349, lower by 168.60 points
The Sensex fell 776 points on an intraday basis and the Nifty by 255 points.
Led by a 23% crash in Adani Enterprises, the combined m-cap of 10 Adani stocks fell by around Rs 2.25 lakh crore to Rs 12 lakh crore, marking the conglomerate’s worst trading day since the Hindenburg bombshell in early 2023.
Other Adani stocks – Adani Green, Adani Total Gas, Adani Power, Ambuja Cements, ACC and Adani Wilmar – plunged by over 6%. NDTV was the lone gainer which ended with 0.2% uptick.
Top Gainers & Losers
The worst losers were Adani Enterprises, Adani Ports, SBI Life Insurance Company, SBI and NTPC while the gainers were Power Grid, UltraTech, Hindalco Industries, Apollo Hospitals and Grasim Industries.
