The fall in the shares of the Indian industrial conglomerate Adani Group cost India a place in the top five world stock markets. As a result, the Indian stock market gave way to the French market, which rose to fifth place in the world. Analysts note that the capitalization of the Indian stock market at the end of January fell to $3.2 trillion. The difference with the UK, which is in seventh place, is just over $100 billion. It is noted that the Adani group units lost a total of about $75 billion in market value after four sessions of falling. India may fall even lower in the ranking of the world's largest stock markets if the trend of falling of their quotations continues. Shares of Indian companies began to decline last week after the American company Hindenburg Research published a report on the alleged abuses of Adani Group. In response, the company stated that the Hindenburg Research report is «a combination of selective misinformation and outdated, baseless and discredited allegations that have been verified and rejected by the highest courts of India.» Nevertheless, since January 25, eight Adani Group companies have made the main contribution to the decline in the MSCI India index by 3.6%. The founder of the conglomerate, Indian tycoon Gautam Adani, has lost $36.1 billion since the beginning of 2023.
