In an overwhelming selloff on Wednesday, Adani Group's listed stocks dropped like dominos. All the 10 Adani stocks closed in deep red with three of them even hitting fresh 52-week lows. 5 of them froze at their lower circuits which means there were several sellers but no buyers in these stocks. Together, the market valuation of Adani group companies has nosedived by 70% from its peak and come below ₹ 8 lakh crore. Basant Maheshwari, a full-time stock investor recalled the times when Adani stocks were called as ‘poster boy’ of bull market. And what happens when the poster boy of bull market falls? A full-time stock market investor, Basant Maheshwari on Wednesday said, "when the bull market leader falls, it doesn't drop by 10% or 20%. . you can go back and look into the historical data, that the bull market leader who is the poster boy, fall 80% to 90%. . . " TRENDING STORIES See All Premium Campus recruits in jobs limbo as firms delay onboarding Premium India works with FTA partners for system to plug abuse . . . Premium India, UAE explore virtual trade corridor to fast-track . . . Premium How Adani stock rout hit tens of millions in Australian . . . "Earlier, we used to call Adani the poster boy of the bull market. But what is surprising is that, despite the disruption in the poster boy, the bull market has not ended. . " Maheshwari added, "it has stopped, cautious, and is waiting on the side-lines with the hope that Adani finishes its crisis and then it could move ahead. . " Maheshwari who is also the co-founder and partner of BM Wealth Advisors, added, "So whatever has to happen with Adani shares, we hope it happens quickly as that will be good for all of us. . . If Adani shares have to fall 90%, then it should fall immediately. . . if it has to drop by 20%, then that also should take place immediately. . " "When the problem of Adani ends, then the market can move forward. . " he added. However, Maheshwari reiterated that he is not making any prediction of a 90% drop in Adani shares. He emphasized that he is giving the assumption that bull market top stocks fall like this drastically. 7 listed Adani stocks have dropped in the range of 44% to over 82% on Dalal Street. While media and cement business have followed suit by plunging between 37% to over 64% from their 52-week highs. Adani stocks have faced extreme brunt after the US-based short seller's controversial report that came in late January 24, accused billionaire Gautam Adani and his group of fraud, stock manipulation and tax evasion. View Full Image 7 listed Adani stocks have dropped in the range of 44% to over 80% on Dalal Street. (BSE data) Share Via MINT PREMIUM See All Premium ‘Biotech can become a powerhouse in India’: Novartis’ N . . . Premium India’s hotels sector is seeing wind in its sales Premium Getting MLDs at a premium? TDS will dilute your returns Premium Apollo Hospitals’ online pharmacy, 24/7 business ar . . . After the release of Hindenburg's bombshell report on 24 January, the shares of Adani Group shares have lost 60% of their value. Mitul Shah - Head of Research at Reliance Securities said, "the crisis in Adani Group stocks worsened as all 10 stocks faced selling pressure. Since the release of the Hindenburg report on January 25, Adani group stocks have lost 60% of their value. " Flagship firm Adani Enterprises on Wednesday dipped by over 10. 4% to end at ₹ 1,404. 85 apiece. Adani Ports dipped by 6. 25% to end at ₹ 546. 85 apiece. The rest of Adani's named stocks had hit the day's lowest limit and froze around those levels. Meanwhile, Adani Wilmar stock froze at a 5% lower circuit at ₹ 390. 35 apiece, while Adani Total Gas also touched a 5% lower circuit to close at ₹ 834. 95 apiece. Similarly, at 5% lower circuit each, Adani Green Energy, Adani Transmission, and Adani Power ended at ₹ 539. 30 apiece, ₹ 788. 75 apiece, and ₹ 162. 60 apiece respectively. The lower circuits of Adani Transmission, Adani Total Gas, and Adani Green Energy are also their fresh 52-week lows. Adani's newly added media arm, NDTV share price ended at ₹ 201. 90 apiece down 4. 18% on BSE. While cement business too faced massive disruption, with Ambuja Cements stock closing at ₹ 335. 55 apiece lower by 4. 92%, and ACC stock at ₹ 1,752. 35 apiece below 4. 13%. This overwrought in Adani stocks also dragged broader markets. It would be the worst day for Adani Group stocks in two weeks. Investors lost around ₹ 51,294. 04 crore in wealth as market valuation drops in these companies. By end of February 22nd, together the Adani stocks market value has dropped by ₹ 17. 45 lakh crore. Rohan Shah, head technical analyst at Stoxbox said, "Adani group's market capitalization is now down 70% from its peak, from around Rs. 25 lakh crore to 7. 55 lakh crore. " When will the haywire in Adani stocks end, seems uncertain as the Group embattles court hearings and regulatory scrutiny that has sparked after the Hindenburg report. Also, indexes rejigs have kept the listed securities of Adani in focus. Another key factor that is keenly watched would be Adani's call on debt repayment. Watch Basant Maheshwari's statement here: From 52 week high : Adani Green - Down 84% Adani Transmission - Down 83% Adani Total Gas. - Down 80% Adani Enterpsie - Down 66% Adani Wilmer - Down 66% Adani Power -Down 63% Ambuja Cement - Down 45% Adani Port - Down 44% https://t. co/3ENoj8C8AA — Basant Maheshwari (@BMTheEquityDesk) February 22, 2023 Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. 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