Adani Stocks: Adani group companies rebounded smartly from the day’s lows but could not recover the entire losses.
Amid heightened market volatility, seven listed Adani Group companies rebounded significantly from their intra-day lows, though they were unable to fully recover early losses during the trading session.
Group parent Adani Enterprises initially fell 7 percent but later pared its losses by 2.2 percent to Rs. 2,134.45 was traded. Adani Ports also saw a sharp decline of over 5 percent at the open but ended the day down 3.06 percent at Rs. 1,080.60 was reached.
Adani Power Ltd tumbled more than 6 percent early in the session, while Adani Wilmar Ltd fell more than 5 percent at the open but later recovered to 1 percent. By noon, Adani Power was Rs. 465.55 (down 2.23 per cent), while Adani Wilmar saw a slight recovery.
Adani Energy Solutions initially tumbled 9 percent but recovered to lose 6 percent in early trade. Adani Green Energy Ltd also suffered an 11 percent decline, down 7.5 percent to Rs. was settled at 1,060.95. Adani Total Gas Ltd saw a 2 percent drop in its loss to Rs. 590.60 down 6 percent to Rs.
Adani’s three stocks are in the green
Meanwhile, three Adani stocks – ACC Ltd, Ambuja Cements and New Delhi Television Ltd (NDTV), which was acquired by the Adani Group – were trading in the green.
The combined market capitalization of all 11 Adani Group stocks this morning stood at Rs. 38,000 crore reduced to Rs. 11.68 lakh crores. In the last two trading sessions, the market value of the group was Rs. 2.62 lakh crore has been lost.
Shock in Kenya
Adding to the group’s woes, Kenyan President William Ruto announced the cancellation of the procurement process for the expansion of the country’s main airport, which included a proposal from the Adani Group.
Why are Adani stocks in focus?
Adani Group stocks have come under scrutiny following allegations of bribery by US authorities against Gautam Adani, his nephew Sagar Adani and six others on Thursday. The allegations, coupled with Kenya’s cancellation of a major deal with the group, caused Adani’s shares to fall significantly.
On Thursday, Adani Enterprises was the biggest decliner in the Nifty 50 index, followed by Adani Ports and SEZ. The top five Adani Group companies—Adani Enterprises, Adani Wilmar, Adani Ports & SEZ, Adani Green Energy and Adani Total Gas—have a combined market capitalization of Rs. 1.67 lakh crore reduced to Rs. 7.77 lakh crore was done.
Despite the setback, Adani Group has denied the allegations, calling them “baseless”, while Indian government officials have yet to comment.