Year-ender 2023: Who all moved my stocks in a record-breaking year?
The year started on a negative note as the equity bulls were nearly thrashed out by the bears. But the bulls picked themselves up from the ground and the run that they began in March was simply unstoppable.
This tug-of-war between the bulls and the bears on Dalal Street was influenced by a zillion factors that unfolded during the course of the year.
In this special year-ender 2023 section, ETMarkets has tried and wrapped all of those events. So, let’s do a recap of all of those movers and shakers on D-Street.
January Just when investors were grappling with a high inflation and interest rate situation, US-based Hindenburg Research on January 25, threw a fireball on D-Street through a 106-page report filled with allegations against the Adani Group. The short seller accused the group of financial forgery, corporate misgovernance, stock price rigging, and highly leveraged balance sheets.
2023 drilled $35 billion hole in tycoon Gautam Adani's wallet
The report triggered a massive sell-off in Adani Group stocks, eroding more than $100 billion wealth in just a month. In just 4-days of sell-off then, Gautam Adani had lost his position in the elite club of the world's 10 richest billionaires.
The other major development that took place was India transitioning to the “T+1” trade settlement cycle. Exchanges in 2022 announced moving to “T+1” from “T+2” trade settlement cycle in phases, and the last phase was implemented on January 27.
February
In the aftermath of the sell-off in stocks, Gautam Adani on February 1, called-off the mega Rs 20,000 crore follow-on public offer in Adani Enterprises, which had managed to scrape through despite the mayhem.
Adani Wilmar promoters to sell 1.6
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