Fri 24 February 2023:
India is the worst performer in 2023 among the top 10 countries of the world when it comes to market capitalisation, Business Standard has reported, noting that the dent in Adani Group stocks following the Hindenburg report triggered the fall.
India has now slipped to seventh position. The United Kingdom is now on sixth.
In March 2022, India had become the fifth most valued stock market, beating its former colonial ruler United Kingdom, along with Canada and Saudi Arabia. This was India’s first entry into the top five.
On January 31, France occupied the fifth position and now, the UK has the sixth spot, pushing India down further. Above France are the United States, China, Japan and Hong Kong. India’s market is the worst performer among the top 10.
The Business Standard report notes that India’s market capitalisation is down by $231 billion, or 6.93%, to $ 3.1 trillion.
The Adani Group has accounted for more than 60% of the losses, with the group m-cap seeing an erosion of nearly $145 billion year-to-date, the report says.
On January 24, a report released by US-based short-seller Hindenburg Research alleged large-scale fraud and stock manipulation.
The Hindu has reported today that shares of Adani Enterprises, one of the flagship companies of the Adani Group, have further tumbled 10.4% on the BSE on Wednesday, February 22, to close at Rs 1,404.85 after Wikipedia’s online newspaper The Signpost alleged that the group had improperly edited information on it.
Economic Times has also blamed a weaker rupee for India’s fall in rankings in addition to the Adani rout.
-The Wire
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