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 *** trillion Indian rupees. The market cap of nine Adani stocks reduced from **** trillion Indian rupees to **** 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.
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Business Today. (February 2, 2023). Erosion in market capitalization of the Adani Group from January 24 to February 2, 2023, by subsidiary (in billion Indian rupees) [Graph]. In ÌÇÐÄÆÆ½â°æ. Retrieved July 24, 2026, from /statistics/1364473/adani-group-market-cap-erosion-by-subsidiary/
Business Today. "Erosion in market capitalization of the Adani Group from January 24 to February 2, 2023, by subsidiary (in billion Indian rupees)." Chart. February 2, 2023. ÌÇÐÄÆÆ½â°æ. Accessed July 24, 2026. /statistics/1364473/adani-group-market-cap-erosion-by-subsidiary/
Business Today. (2023). Erosion in market capitalization of the Adani Group from January 24 to February 2, 2023, by subsidiary (in billion Indian rupees). ÌÇÐÄÆÆ½â°æ. ÌÇÐÄÆÆ½â°æ Inc.. Accessed: July 24, 2026. /statistics/1364473/adani-group-market-cap-erosion-by-subsidiary/
Business Today. "Erosion in Market Capitalization of The Adani Group from January 24 to February 2, 2023, by Subsidiary (in Billion Indian Rupees)." ÌÇÐÄÆÆ½â°æ, ÌÇÐÄÆÆ½â°æ Inc., 2 Feb 2023, /statistics/1364473/adani-group-market-cap-erosion-by-subsidiary/
Business Today, Erosion in market capitalization of the Adani Group from January 24 to February 2, 2023, by subsidiary (in billion Indian rupees) ÌÇÐÄÆÆ½â°æ, /statistics/1364473/adani-group-market-cap-erosion-by-subsidiary/ (last visited July 24, 2026)
Erosion in market capitalization of the Adani Group from January 24 to February 2, 2023, by subsidiary (in billion Indian rupees) [Graph], Business Today, February 2, 2023. [Online]. Available: /statistics/1364473/adani-group-market-cap-erosion-by-subsidiary/