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Home News Adani Enterprises, other Group stocks fall while Adani Green rises

Adani Enterprises, other Group stocks fall while Adani Green rises

The majority of Adani Group’s shares fell on Monday as a result of a report that said the company has halted development on a petrochemical plant in Mundra, Gujarat. Early dealings on the BSE showed that shares of Adani Enterprises, Adani Transmission, Adani Total Gas, Adani Ports and Special Economic Zone (APSEZ), and Adani Wilmar were trading more than 3-4% lower, while Adani Green Energy was up 3%. was trading at a profit of around Rs. 853 per unit.

Adani Group has stopped operations. According to a report in news agency PTI, the Rs 34,900 crore petrochemical project in Gujarat’s Mundra has been put on hold as it seeks to streamline operations and concentrate resources to allay investor concerns.

Group flagship Adani Enterprises Limited (AEL) has given a fully owned subsidiary, Mundra Petrochem Limited, to put up a greenfield coal-to-PVC facility on Adani Ports and Special Economic Zone (APSEZ) land in Gujarat’s Kutch area by 2021. was included.

Projects are being reevaluated as part of this on the basis of cash flows and available financing. According to rumors, a 1 million tonne per year green PVC project is one of the initiatives that the business has opted not to move on with for the time being.

According to the January 24 report, Indian billionaire Gautam Adani’s conglomerate’s market worth was reduced by nearly $140 billion as a result of suspected accounting fraud, stock manipulation, and other corporate governance failings. All of Hindenburg’s accusations were refuted by the group. By pledging promoter stakes in group companies, it was able to repay some debt and prepay certain loans.

The Gautam Adani-led conglomerate sold a minority share in four of its publicly traded companies to the US-based investment company GQG Partners earlier this month. $15,446 billion.

Also Read: Top picks: Axis Securities suggests DLF, APL Apollo, NCC to buy for this week


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