Retail investors ‘buy the dip’ in all ten Adani group stocks

• Retail investors upped their stakes in all the ten Adani group companies, buying the dip as stocks fell in the aftermath of the Hindenburg report.
  
• The flagship Adani Enterprises saw the most buying, with its retail shareholder base increasing by 199% during the March quarter.
  
• The Adani group’s combined market capitalisation has also risen by nearly 45% to ₹11 lakh crore since touching a low of ₹7.66 lakh crore on February 27.
  

Retail investors bought the dip in all the ten Adani group stocks in the March quarter, with the retail shareholder base increasing by as much as 199%. This comes after the Hindenburg report crashed Adani group’s combined market capitalisation by nearly 50%, from almost ₹22 lakh crore on January 24 to ₹11.06 lakh crore now.

Overall, the retail shareholder base increased by over 2.2 million cumulatively in all the ten Adani group companies. Each company witnessed an increase in retail shareholding in the March 2023 quarter when compared to the December 2022 quarter.


On an average, the total retail shareholder base increased by 47% during the March quarter.

The flagship Adani Enterprises witnessed the highest increase, both in absolute and percentage terms – the total number of retail investors increased by 4.85 lakh during the March quarter, making for an increase of 199% when compared to the previous quarter.

Adani Wilmar, which is the latest Adani group debutant on the stock exchanges, saw the least increase in retail shareholder base at just 13%.


Adani group market cap sees a slow but steady climb

Adani group’s combined market capitalisation is slowly but steadily climbing back up. After touching a low of ₹7.66 lakh crore on February 27, it is now above ₹11 lakh crore, marking an increase of nearly 45% during this period.

However, when compared to January 24, the group’s combined market capitalisation is still down by almost 50%.

Company	Current Mcap	Change since Jan 24
Adani Enterprises	₹2,87,870 crore	-46%
Adani Green	₹1,71,554 crore	-49%
Adani Ports & SEZ	₹1,51,493 crore	-14%
Adani Transmission	₹1,32,372 crore	-61%
Adani Total Gas	₹1,17,188 crore	-75%
Adani Power	₹79,216 crore	-29%
Ambuja Cements	₹74,704 crore	-20%
Adani Wilmar	₹56,692 crore	-28%
ACC	₹33,199 crore	-25%
NDTV	₹1,304 crore	-32%
Total	₹11,05,592 crore	-50%

Source: NSE, as on April 12, 2023

Promoters pare stakes in four companies

Promoters pared stakes in four Adani group companies in the March quarter — with Adani Ports & SEZ, Adani Green, Adani Transmission and Adani Enterprises. US-based GQG Partners picked up a stake in these companies in early March, with an investment of ₹15,446 crore.

Company	Promoter holding	Change
Adani Ports & SEZ	61%	-4.1%
Adani Green	57.3%	-3.5%
Adani Enterprises	69.2%	-3.4%
Adani Transmission	71.7%	-2.5%
Adani Wilmar	87.9%	Unchanged
Adani Power	75%	Unchanged
Adani Total Gas	74.8%	Unchanged
NDTV	69.7%	Unchanged
Ambuja Cements	63.2%	Unchanged
ACC	56.7%	Unchanged

Source: NSE, March 2023

Promoter holding in six other companies remained unchanged, with Adani Wilmar being the most closely held with a promoter stake of 87.9%.

Company	Total investment	Average price	Current market price
Adani Enterprises	₹5,460 crore	₹1,400	₹1,837
Adani Ports & SEZ	₹5,282 crore	₹593	₹653
Adani Green	₹2,806 crore	₹501	₹971
Adani Transmission	₹1,898 crore	₹678	₹1,065
Total	₹15,446 crore

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