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regular-article-logo Tuesday, 01 October 2024

Adani: Investors show no mercy

Domestic equities have now been under pressure for six consecutive sessions, wiping out Rs 8.30 lakh crore of investor wealth

Our Special Correspondent Mumbai Published 25.02.23, 01:05 AM
Gautam Adani.

Gautam Adani. File picture

Adani group stocks did not get any respite on Friday as investors continued to hammer the counters in the wake of allegations made by Hindenburg Research.

While seven stocks ended with losses of up to 5 per cent, three bucked the trend: Adani Ports and Special Economic Zone (APSEZ) which rose 1.24 per cent to Rs 558.95, ACC which ended marginally higher at Rs 1,729.45 and Ambuja Cements which climbed 2.45 per dent to settle at Rs 345.25 on the BSE.

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Flagship Adani Enterprises fell 4.98 per cent to Rs 1,314.75 on the BSE.

The lower close in the other counters came on a day the benchmark Sensex dipped 141.87 points or 0.24 per cent to settle at 59463.93 after crashing 280.46 points or 0.47 per cent during intra-day trades to 59325.34.

At the NSE, the broader Nifty fell 45.45 points or 0.26 per cent to settle at 17465.80. The bearish sentiment has been attributed to concerns over global economic growth as central banks remain on a tightening mode.

Domestic equities have now been under pressure for six consecutive sessions, wiping out Rs 8.30 lakh crore of investor wealth.

Market circles said they cannot say when stability will return to the stocks.

Retail investors should stay out at the current juncture even as some of the shares may look attractive given the sharp fall in their values since the Hindenburg report was released.

In Friday’s trading, while Adani Transmission fell 5 per cent to Rs 711.90, Adani Green Energy slipped by the same margin to Rs 486.75.

Among others, Adani Total Gas declined 5 per cent and group flagship Adani Enterprises slipped 4.98 per cent to Rs 1,314.75. Shares of Adani Power fell 4.98 per cent, NDTV by 4.05 per cent and Adani Wilmar by 3.35 per cent.

All the 10 Adani listed firms have together lost Rs 12,03,901.43 crore in market valuation since the US short-seller came out with its report on January 24.

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