Shares of Adani Group companies were dealt a heavy blow on Tuesday with their market valuation declining by Rs 3.6 trillion as the counting of votes for Lok Sabha polls showed a tighter contest than market’s expectations.

The combined market valuation of all the 10 listed companies stood at Rs 15.78 trillion at the end of the trading session.Come from Sports betting site VPbet

The shares of Adani Group companies fell in the range of 10-22% and were among the worst hit stocks in the market. Adani Ports and Special Economic Zone and Adani Enterprises were the worst hit stocks in the Nifty index as they tumbled 21.3% and 19.4%, respectively.

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Eight of the 10 group firms hit their lower circuit limits during the day.

In intra-day trade, Adani Enterprises plunged 25% to hit the lower circuit limit. The results of the Lok Sabha election showed BJP struggling to get a majority on its own, while the broader NDA alliance was not able to surpass 300 seats. This is completely in contrast with the exit polls, which had pushed the market higher on Monday. 

Monday’s rally had boosted the valuation of 10 listed Adani Group stocks by Rs 1.6 trillion to Rs 19.42 trillion, helping them reach the level seen before the short seller Hindenburg released a scathing report against it in January 2023.

However, after Tuesday’s bloodbath, the valuation has again fallen below those levels to Rs 15.8 trillion. The biggest decline in market cap was seen in Adani Enterprises as the valuation of the group’s flagship company fell by over Rs 80,400 crore.