The Adani Group lost nearly ₹44,898 crore in market value on Monday as shares of group companies plunged. News of freezing of FPI accounts, a tweet by Sucheta Dalal and an explosive story by CNBC TV 18 all played a role.
1. The year also saw Gautam Adani becoming the second richest man in India as the market cap of his stocks went up from 2 lac crore to 9.5 lac crore. Surprisingly, the group firms have relatively low analyst coverage.
2. During the year, Adani Enterprises gained 741%, Adani Ports 100%, Adani Green 245%, Adani Transmission 650%, Adani Power 271% and Adani Total Gas 1,066%.
3. CNBC TV18 (Mukesh Ambani owned) did an analysis of the shareholding of the companies and the FPIs who cornered the free float. Economic Times followed it up with info on three of the FPIs demat account being frozen for lack of info on beneficial ownership.
4. The skyrocketing price of Adani stocks, made possible by sucking out free float by Seven Foreign Portfolio Investors(FPIs) based out of Mauritius, making price manipulation possibile. The promoters own 74.5% of the equity, just short of the mandatory 75% in all companies.
5. CNBC TV18 reported that In 3 Adani Group stocks - Transmission, Enterprises and Total, the free float is just around 3% with the rest being held by the FPIs and LIC. The seven FPIs hold close to 20% of the 25% free float, with LUC chipping in for the balance.
6. CNBC TV18 also reported that the seven FPIs invested most of their funds only in Adani Stocks:
Elara invested 97.95% of its fund;
Cresta, invested 97.7%
Abula invested 95.4%
Vespara invested 99.4%
Asia Investment Corp has 99.2%
LTS has 97.3% and
APMS has 96.9%.
7. Sucheta Dalal tweeted "Another scandal hard to prove outside the black box of information available with SEBI tracking systems is the return of an operator of the past who is relentlessly rigging prices of one group. All through foreign entities!"
8. Here we have - Adani Group stocks; little analyst coverage, having run up 4 to 10 times in a single year; promoter holding close to the maximum 75% and the balance held by FPIs with little details of the beneficial owners.
Sums up Adanis, FPIs and Stock Markets for You.

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More from @maheshperi

13 Jun
The Prime Minister talked of Govt. supported vaccine research. There is also a rush and self congratulatory messages on IISc topping the QS charts. It is important to know how we supported our scientific community. Here is a report card:
1. The PM lied. In an affidavit in SC, the govt. said "It is submitted that no governmental aid, assistance or grant is made for research or development of either Covaxin or Covishield". This, despite Rs.900 Crores being allotted for vaccine research.
2. On IISc, a false narrative is being created with even the PM joining in. IISc topped on one parameter - Citation per Faculty. It just shows that we are squeezing more from our faculty. As a research institution, IISc is ranked 186.
Read 13 tweets
11 Jun
The Prime Minister made a national address where he announced FREE vaccination, and an repeated emphasis on FREE many times.

It is important to tell the emperor of what he has lost for us when he talks of how we gained because of his benevolence. Here is a lowdown:
1. The central government collected about 72,000 crores as oil tax in 2015. It would be about 360,000 crores in 2021. Currently, they collect 35,000 crores a month, just enough to give the entire population, both the jabs ON THE MONTHLY OIL TAX only.
2. The budget had already provided 35,000 crores for the vaccination. What was the FREE thing about when it is budgeted?

3. In the last 4 years, Banks were recapitalised to the tune of 2.86 lac crores thru budgetary allocation against write-offs owed by big industrialists.
Read 10 tweets
7 Jun
So, my thread on Ruchi Soya and Ramdev has caught a few by their knickers. For what is a perfectly legal acquisition on the surface, it is a complete sham.
With all the bullshit that the quack vomits on Blackmoney and nationalism, he has used the IBC process and our money to finance his racket and profiteered. Here are 10 questions:
1. This stinks. The banks term Ruchi Soya as a defaulter. They agree to settle for only 43.6% repayment. They fund the new acquirer. And they take the same defunct and defaulting Ruchi Soya shares as a collateral security? Can't get any stranger?
Read 10 tweets
6 Jun
Here is a story for future investigations to dig deep. People looking at Baba Ramdev through the prism of Patanjali are missing the forests for the trees. He is now playing through a listed company he bought in a sham of a transaction. Here is the story:
1. Ruchi Soya went into insolvency as many banks led by SBI made claims of Rs12,146 crores.

2. SBI had the highest exposure of Rs1,816 crore but agreed to settle it at 883 crores, thus writing off Rs.933 Crores in all. Other banks, including PNB, CBI etc. also took a haircut.
3. Having reduced the liabilities to less than half, only two bidders remained - Patanjali and Adani Wilmar.

4. In January 2019, Adanis having bid initially, withdrew, leaving only Patanjali in the race.
Read 8 tweets

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