Business Standard

Nine Adani firms end lower; group's combined mcap falls to Rs 6.81 trn

The Adani group has vehemently dismissed the charges as lies, saying it complies with all laws and disclosure requirements

adani group

Photo: Bloomberg

Press Trust of India New Delhi
Stocks of nine out of ten listed firms of the Adani Group closed in the red on Monday, with the flagship Adani Enterprises tumbling over 9 per cent as investors continued to desert the counters.
The conglomerate, whose business interests span from sea-ports to airports, edible oil and commodities, energy, and cement to data centres, has taken a drubbing on the bourses following a report by US short-seller Hindenburg Research labelling charges of stock manipulation and accounting fraud.
The Adani group has vehemently dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
All the ten listed firms have together lost Rs 12.37 lakh crore (Rs 12,37,891.56 crore) in market valuation since the US short-seller came out with its report on January 24. The group's combined market capitalisation is now at Rs 6.81 lakh crore, down from Rs 19.19 lakh crore on January 24.
As the decline in group firms further deepened on Monday, Adani Enterprises shares plunged 9.17 per cent to settle at Rs 1,194.20 on the BSE. In intra-day trade, the stock tanked 11.99 per cent to Rs 1,157.
Adani Total Gas went lower by 5 per cent and Adani Wilmar dropped 5 per cent.
Shares of Adani Transmission fell 4.99 per cent, Adani Green Energy declined by 4.99 per cent, NDTV by 4.98 per cent, Adani Power by 4.97 per cent, Ambuja Cements by 4.50 per cent and ACC by 1.95 per cent.
Most of the firms also hit their lower circuit limits during the day.
Only Adani Ports managed to end the trade with gains. It settled 0.55 per cent higher.
On Monday, the BSE Sensex declined 175.58 points or 0.30 per cent to settle at 59,288.35, logging its seven consecutive day of fall. The Sensex has tumbled 2,031.16 points or 3.31 per cent since February 16.
The majority of the Adani Group firms had ended lower on Friday as well.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Feb 27 2023 | 8:45 PM IST

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