AEL's growth in m-cap was 9X of net profit even before Hindenburg struck

Adani Group stocks have been under pressure on the bourses since the publication of the Hindenburg Research report on the group finances on January 24.

Since then, various Adani Group stocks have lost 16 per cent (in case of ACC) to 60 per cent of their market capitalisation or m-cap (in case of Adani Total Gas).

While the Hindenburg report alleged financial irregularities in the conglomerate, the Adani Group also shows a large gap between the rise in their m-cap and underlying growth in revenues and profits.

For example, Adani Enterprises’ m-cap was up 637 per cent between December 2014