While shares and bonds of some Adani companies have since recovered, particularly after the ports-to-power group received investments from GQG Partners, Adani Total Gas remains the hardest hit. The latest headwind for the company is the policy announced by New Delhi’s state government seeking mandatory conversion of all commercial vehicles to EVs by 2030. Its shares have lost about 6% this month.
Nine months after the US short-seller Hindenburg Research flagged a 85% downside in Adani shares, Adani Total Gas Ltd. has become the first of the group’s seven listed companies to achieve that valuation.
The shares of the conglomerate’s city-gas distributor slid as much as 2.6% to 575.7 rupees ($9.46) on Monday, Oct 23, taking losses from their Jan 24 closing of 3,891.75 rupees to 85%.
