Change in market capitalization of AMCs exposed to Adani 2023
As a result of exposure to the Adani Group, NJ Mutual Funds in India reportedly witnessed a 63 percent erosion in their market capitalization between December 2022 and January 2023. A large number of mutual fund companies incurred significant losses as a result of the setback to Adani Group's stocks. This was post the publication of Hindenburg's report claiming the conglomerate was involved in fraud and stock manipulation among others.