Rs 8.7 trn mcap loss for Adani cos in 6 days; Adani Ent tanks 35% since Tue

Given the unprecedented situation and the current market volatility, Adani Enterprises has cancelled its Rs 20,000 crore follow-on-offer (FPO)

Shares of Adani group companies extended their downturn on Thursday with Adani Enterprises, Adani Transmission, Adani Green Energy and Adani Total Gas tanking 10 per cent each to hit their respective lower circuits on the BSE, as of 09:21 am, with no buyers seen on these counters.

Adani Wilmar, Adani Power and New Delhi Television (NDTV) were also locked in the 5 per cent lower circuit. Adani Ports and Special Economic Zone was down 10 per cent to Rs 443 in the intra-day trade, while ACC and Ambuja Cements declined 1-3 per cent.

Among the individual stocks, Adani Enterprises was locked in temporary lower circuit of 10 per cent at Rs 1,915.85 on the BSE at 09:18 am after the company cancelled its Rs 20,000 crore follow-on-offer (FPO) late Wednesday. The stock also dipped 18 per cent from its intra-day high of Rs 2,341.55 on the BSE. It trades in the futures & option (F&O) segment, which has no circuit limits.

In the past two trading days, the stock tanked 35 per cent from a level of Rs 2,975 on Tuesday, January 31. With today’s fall, the stock has corrected 54 per cent from its all-time high level of Rs 4,189.55, touched on December 21, 2022.

In past six trading days, the total market capitalisation (market-cap) of nine Adani group companies has eroded by Rs 8.65 trillion or 45 per cent. It stood at Rs 10.53 trillion in today's intra-day trade. The group's market-cap ( nine firms) was Rs 19.18 trillion on January 24.

Adani Total Gas, the top loser among the pack, saw Rs 2.39 trillion of market-cap erosion during the period, while Adani Enterprises (Rs 1.86 trillion), Adani Green Energy (Rs 1.39 trillion) and Adani Transmission's (Rs 1.33 trillion) market-cap have slipped by over Rs 1 trillion in the past six trading days.

“Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction,” Adani Enterprises said in a statement to the exchanges.

Gautam Adani, Chairman, Adani Enterprises said, “The board takes this opportunity to thank all the investors for your support and commitment to our FPO. The subscription for the FPO closed successfully yesterday. Despite the volatility in the stock over the last week, your faith and belief in the Company, its business and its management has been extremely reassuring and humbling. Thank you.” CLICK HERE FOR FUL REPORT