Shareholder count in all 10 Adani stocks jumps despite Hindenburg storm

Adani Enterprises and Adani Ports-both part of the benchmark Nifty 50 index-saw the highest increase in number of shareholders, mainly individual investors

All the 10 Adani group stocks saw a jump in their shareholder bases during the March 2023 quarter, even as a scathing report by Hindenburg Research wiped out over Rs 10 trillion in market value. Adani Enterprises and Adani Ports—both part of the benchmark Nifty 50 index—saw the highest increase in the number of shareholders, mainly individual investors.

The 10 stocks belonging to the Gautam Adani-led ports-to-power conglomerate fell between 23 per cent and 77 per cent during the March quarter as the allegations made by Hindenburg Research’s January 24 report spooked investors. Retail investor shareholding rose between 55 basis points (bps) and 343 bps in the listed Adani group stocks, data showed.

The shareholding of state-owned insurer Life Insurance Corporation (LIC) rose slightly in four Adani group stocks. Mutual funds (MFs) increased their holdings in ACC, while pruning stake in four other companies.