Sell-off in Adani, bank stocks turn investors poorer by Rs 11 trn in 2 days

The sell-off in Adani Group firms has wiped out $45 billion of investors' wealth over the last two sessions after Hindenburg Research alleged "brazen stock manipulation"

Investors have turned poorer by Rs 10.7 trillion in two days as a broad-based sell-off continued across domestic equities. Panic selling ensued in Adani Group stocks on Wednesday, after US activist investor Hindenburg Research alleged 85 per cent downside in group stocks "purely on fundamental valuations". The downbeat sentiment hit bank stocks as well where investors feared huge debt exposure towards Group companies may hit asset quality in months ahead.

On the bourses, frontline S&P BSE Sensex crashed 874 points, or 1.5 per cent, on Friday to close at 59,331. In two days, the index has tumbled 1,648 points. On