Adani Enterprises shares removed from Dow Jones Sustainability Indices

The Adani stocks took a massive beating in the Indian stock market on Friday morning as well

Updated - February 04, 2023 12:33 pm IST

Published - February 03, 2023 10:26 am IST - New Delhi

The logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad.

The logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad. | Photo Credit: Reuters

In another jolt to the already beleaguered Adani group, the S&P Dow Jones announced on February 2, 2023, that Adani Enterprises shares will be removed from the Dow Jones Sustainability Indices following a ‘media and stakeholder analysis’ triggered by the allegations of stock manipulation and accounting fraud.

“Adani Enterprises (XBOM: 512599) will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by allegations of stock manipulation and accounting fraud,” S&P Dow Jones Indices said in a statement.

Also read: How much has the Adani group lost since the Hindenburg report?

The information was given in an index statement by the U.S. markets which also said that the removal will come into effect from February 7, 2023.

Adani group shares have witnessed massive correction since the Hindenburg report came out with allegations of corruption, malpractice, and stock manipulation.

In Friday morning trade, Adani Enterprises plunged nearly 30% in the first hour of the trade to its lowest since April 2021, taking losses to $28 billion since last week.

Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd and Adani Green Energy Ltd also slumped 10% each. Adani Total Gas Ltd fell 5%.

The meltdown in share prices marks a dramatic turn of fortune for Adani, who in recent years forged partnerships with, and attracted investment from, foreign giants as he pursues global expansion in sectors as varied as ports and power.

The Hindenburg report and the subsequent nosedive of Adani stocks has raised concern in the Parliament as well. The Opposition parties decided to meet on Friday morning to coordinate their strategy in Parliament, a day after they unitedly led the charge against the government over the issue of the Adani Group stock rout.

Various Opposition parties on Thursday stalled both houses of Parliament over the Adani issue and demanded a Joint Parliamentary Committee probe or a Supreme Court-monitored Committee investigation into it.

“Floor leaders of Opposition parties will meet at 10 am in the chamber of Leader of Opposition (in Rajya Sabha) Mallikarjun Kharge in Parliament House to coordinate strategy,” said Congress general secretary Communications Jairam Ramesh.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.