Most of Adani Group firms shares tank in morning trade; Adani Enterprises tumbles 20%
Shares of most of the Adani group firms were trading in the negative territory in the morning trade on Thursday with flagship company Adani Enterprises witnessing a slump of 20 per cent.
As many as nine Adani Group firms were trading in the negative territory, while one company was trading in the green.
The stock of Adani Enterprises plummeted 20 per cent to Rs 1,834.90 apiece -- its lower price band on the BSE. The market capitalisation of the flagship company declined to Rs 2.38 lakh crore in initial trade.
Adani Ports and Special Economic Zone plunged 5.59 per cent to Rs 565.95.
In the morning session, shares of Adani Power slumped 5 per cent to Rs 172.90 and touched its lower circuit level. In similar lines, Adani Transmission Adani Green Energy and Adani Total Gas witnessed a fall of 5 per cent each in initial trade on the bourses.
The scrip of Ambuja Cements slipped 5.44 per cent to Rs 363.45, NDTV fell 2.09 per cent to Rs 223 and ACC dipped 3.62 per cent to Rs 1,901.85 on the exchange.
Out of the ten listed companies of the Adani group, one firm is trading in the green -- Adani Wilmar jumped 5 per cent to touch the upper price band of Rs 440.30 apiece on the BSE.
In the morning session, the 30-share BSE Sensex benchmark was marginally up 16.4 points or 0.03 per cent at 60,680.19 points.
On Wednesday, seven of the group companies ended in the positive territory while three settled in the red.
In the last two trading sessions i.e on Tuesday and Wednesday, Adani Group companies have recovered around Rs 70,000 crore in combined market capitalisation.
However, the group stocks have lost around Rs 8.7 lakh crore or about 45 per cent of their combined market valuation since January 24, when a US-based short-seller Hindenburg Research came out with its adverse report about the Ahmedabad-based conglomerate.
Adani Group, on Monday, said the promoters will pre-pay USD 1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024. These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission.
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