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Adani Group shares trade mixed post Supreme Court panel report

An expert committee constituted by India's Supreme Court to investigate the Adani Group said it was not possible to conclude if there has been regulatory failure regarding price manipulations.

Adani, Adani Group

Photo: Bloomberg

Deepak Korgaonkar Mumbai

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Shares of Gautam Adani-led Group companies are trading mixed as Supreme Court (SC) panel report on Adani finds no regulatory failure on price manipulation.

At 01:20 pm; Adani Total Gas and Adani Transmission are quoting 3 per cent and 5 per cent lower on the BSE. Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone (SEZ), Adani Wilmar and Adani Green Energy are trading in green, bouncing back from their respective intra-day’s low. In comparison, the S&P BSE Sensex was up 0.11 per cent at 61,499.

An expert committee constituted by India's Supreme Court to investigate the Adani Group said it was not possible to conclude if there has been regulatory failure regarding price manipulations, Reuters reported after a court filing seen by the news agency.

India's market regulator has drawn a blank in its probe regarding the groups entities' ownership, the court committee said in the report, it added.

Among the individual stocks, Adani Total Gas were locked in the 5 per cent lower circuit for the fifth straight day, quoting at Rs 633.35 on the BSE on Friday, with no buyers seen on the counter. In the past six trading days, the stock has slipped 26 per cent. It is quoting at its lowest level since March 2021. Further, the stock has tanked 84 per cent from its 52-week high level of Rs 3,998.35, touched on January 23, 2023.

Last week, global index provider MSCI dropped Adani Total Gas (ATGL) and Adani Transmission from its India index—a move that will likely result in selling worth Rs 3,200 crore ($390 million) in these two counters by exchange traded funds (ETFs). The change will become effective from May 31.

Shares of Adani Transmission, too, were down 5 per cent to Rs 713.80 on the BSE in the intra-day trade on Friday. The stock of the power transmission firm has slipped 22 per cent in the past six trading days.

In January this year, US-based short seller, Hindenburg Group, had issued a report alleging certain issues against specific Adani's promoted entities one of ATGL promoters, which have been duly denied by Adani group.
 
 
 


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First Published: May 19 2023 | 1:39 PM IST

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