Adani Total Gas, Adani Power, Adani Green Energy and Adani Transmission scrips haven’t had any respite since the publication of the Hindenburg Research :
The Adani Group has suffered the most for no fault of them by an unknown source with suspicious credentials and cases against them in U S with perhaps some malefide intentions. This has given some alms to the crtics of the country.
Nonetheless, still the damage gets settled down, investors may witness the ongoing without any big exposure in the markets.
Adani Power has fallen by almost 75% since 24 January.Adani Group stocks have faced significant turbulence and heightened volatility since the release of the Hindenburg report on 24 January, which alleged that the Adani Group knowingly engaged in corporate fraud, stock market manipulation and improper usage of offshore funds. While a few of the conglomerate shares have seen a mild recovery on the bourses after a deep plunge, others could still be considered to be in a free-fall.
Adani Total Gas, Adani Power, Adani Green Energy and Adani Transmission scrips haven’t had any respite and continue to take a beating.
However, Adani Enterprises, Adani Ports and SEZ and Adani Wilmar have seen marginal gains over the past few weeks.Adani Green Energy; From the 24 January closing price of Rs 1,916.8, the scrip has fallen 67.8% to close at Rs 616.30 on Thursday. However, Adani Green Energy shares increased by 4% on Friday, halting a 12-day losing streak. Reuters reported that Adani Green has a refinancing plan, which will be revealed after this fiscal year ends. As a result, Adani Green Energy’s shares rose 3.63% to reach Rs 629.15, having previously fallen to a low of Rs 591 on February 16.
Market capitalisation 24 Jan: Rs 3,03,113 crore;17 Feb: Rs 99,754 crore;Fall:67.1%
Adani Power;Since 24 January, Adani Power has fallen 46.1% to close at Rs 147.8. Last year, in August,Adani Power agreed to take control of DB Power at an enterprise value of $850million. However, the company called off its plan to acquire the coal plant, as billionaire Gautam Adani looks to rein in spending and rebuild investor confidence. These reports have given the scrip upwards momentum as it hit its upper circuit of 5% for the second session in a row.
Market capitalisation 24 Jan: Rs 1,05,989 crore;17 Feb: Rs 59,840 crore;;Fall: 43.5%
Adani Total Gas :
Adani Total Gas shares plunged on Thursday, continuing their decline for 18 straight sessions. The stock dropped by 5%, hitting its lower circuit, on Friday as well. The stock has wiped off 73.7% of its value from 24 January’s closing price of Rs 3,892.
Market capitalisation 24 Jan: Rs 4,27,326 crore ; 17 Feb: Rs 1,06,846 crore;;Fall: 75%
Adani Transmission :
The power transmission company slipped 65% to close at Rs 968.55 on Thursday. Despite MSCI postponing the reduction of weightages of Adani Transmission to its next index review in May, the company tumbled to hit its lower circuit of 5% on Friday.
Market capitalisation 24 Jan: Rs 3,07,447 crore 17 Feb: Rs 1,02,642 Fall: 66.6%
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