On Friday, shares of seven of the ten listed companies that make up the Adani group closed lower, with flagship Adani Enterprises closing down 2.68 percent. 1,745.95 per counter as investors continued to sell them.
Adani Transmission and Adani Total Gas suffered the most for the current fiscal year, falling 54% and 54%, respectively. Adani Wilmar and Adani Green Energy both experienced declines of 49% and 19%, respectively.
Both Adani Enterprises and the Adani Ports and Special Economic Zone experienced declines of 11% and 15%, respectively.
Adani Power, on the other hand, was the only gainer among the seven listed stocks. From 192.60 on March 24, 2023 to 185.05 on March 31, 2022, shares increased 4%.
Following a report from US-based short seller Hindenburg Research, several of the group’s stocks have regained some lost ground after taking a beating on the exchanges. Despite this, a sluggish overall market trend prompted a decline in the group’s shares during the most recent trading sessions.
Among the numerous accusations leveled against it in the explosive report were share-price manipulation and fraudulent transactions. The Adani Gathering has excused the claims as bogus, adding that it follows all regulations and divulgence prerequisites.
Adani Group Mcap In contrast, Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Power, Adani Total Gas, Adani Transmission, and Adani Wilmar’s combined mcap, or market capitalization, decreased more than. On March 23, 2023, from Rs. 4.50 lakh crores, 8.63 lakh crores 13.20 lakh crore as of the 31st of March in 2022.
In the midst of a bearish trend in Asian and European markets, investors moved into metals, energy, and real estate stocks, causing the equity benchmark indices Sensex and Nifty to decline nearly 1% today under selling pressure for the second consecutive session.
The 30-share BSE Sensex fell 398.18 points, or 0.69 percent, to 57,527.10 in volatile trading, with 24 constituents reporting losses. During trading, the Sensex reached a high of 58,066.40 and a low of 57,422.98.
The NSE Nifty dropped 131.85 points, or 0.77 percent, below the psychological level of 17,000 on the broader market. 41 of the index’s stocks ended in the red as it closed at 16,945.05.
“The aforementioned market decline was primarily caused by the global slowdown, continued pressure on Adani Group shares, and concern about the implications for India’s banking sector,” said Axis Securities PMS portfolio manager Nishit Master.
