Adani Saga: Markets Will Overcome

There were some important market events lined up last fortnight that should have shaped the equity market movement for days ahead. However, these important events such as US Federal Reserve action and the Union Budget 2023 were completely overshadowed by the Adani Group saga. Companies forming part of the group saw a massive decline in their share prices. The market capitalisation of these companies dropped by a huge `9.37 lakh crore (around USD 115 billion) from January 24 to February 6. To give you a perspective, this drop is equivalent to some of the African countries’ GDP such as Kenya and Ethiopia.