Shares of most of the Adani group firms settled lower on Tuesday even as flagship Adani Enterprises gained 2 per cent on the back of better quarterly profit.

Seven of the group firms closed in the red while three finished higher on Tuesday.

"The market cap of Adani group companies continued to fall, down 2.1 per cent on February 14, even as 7 out of 10 conglomerate's companies ended in the negative.

"The stock price of Adani Enterprises rose after reporting better results in Q3. The market cap of the group is now down 54.2 per cent as compared to that on January 24," Deepak Jasani, Head of Retail Research at HDFC Securities, said.

The stock of Adani Enterprises rose 1.91 per cent to close at Rs 1,750.30 apiece on the BSE. During the day, the scrip zoomed to 17.23 per cent to hit an intra-day high of Rs 1,889.

On Monday, Adani Enterprises Ltd (AEL) reported a jump in its consolidated net profit which stood at Rs 820.06 crore in the third quarter of current fiscal as compared to a loss of Rs 11.63 crore in the year-ago period. Its revenue also surged 42 per cent to Rs 26,612.33 crore.

In addition, shares of Adani Ports and Economic Special Zone climbed 2.15 per cent to close at Rs 565.10 each, while ACC increased 0.41 per cent to end at Rs 1,830.85 per share on the exchange.

However, scrip of Adani Power settled at Rs 148.30 per piece, Adani Transmission at Rs 1,070.55, Adani Green Energy at Rs 653.40 and Adani Total Gas at Rs 1,135.60.

Similarly, stock of Adani Wilmar closed at Rs 393.60 and media firm -- NDTV at Rs 188.35 per share on the bourse. The scrips of these companies tumbled 5 per cent each.

During the day, shares of Adani Transmission, Adani Green Energy and Adani Total Gas also touched their 52-week low on the exchange.

Also, shares of Ambuja Cements declined 1.68 per cent to settle at Rs 336.65 per piece on the BSE.

The 30-share BSE Sensex benchmark closed at 600.42 points or 0.99 per cent higher at 61,032.26 on Tuesday.

"The Adani group stocks have lost around Rs 10.4 lakh crore or about 54 per cent of their combined market cap since January 24th till today," Manish Chowdhury, Head of Research at Stoxbox, said.

Adani Group stocks have taken a beating on the bourses when US-based activist short-seller Hindenburg Research through its adverse report made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.

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