The Adanis have walked away from another potential acquisition.

The group has decided not to bid for a stake in electricity trader PTC India as it looks to conserve cash.

A week ago, Gautam Adani dropped plans to acquire DB Power.

A Bloomberg report on Monday said PTC India is off the table. There was no comment from the group at the time of going to press.

Earlier this year, Adani was approached by five public sector undertakings who were planning to sell their stake in the power trading firm that was rocked by concerns over governance issues at its financial services subsidiary.

Reports had then said that apart from the Adani group, Tata Power, JSW Energy and Greenko were tapped by the promoters that included NTPC, NHPC, Power Finance Corporation and Power Grid Corporation, who held a combined stake of 16.22 per cent in PTC India. Shares of PTC India on Monday ended at Rs 90.15 on the BSE.

Stocks crash

There was no respite for Adani group stocks on Monday with their combined market capitalisation falling nearly Rs 8.29 lakh crore or a shade above $100 billion.

With this, the total investor wealth has crashed around 57 per cent from Rs 19.20 lakh crore a day before Hindenburg Research made the damaging allegations.

On Monday, most of the conglomerate’s stocks continued to slide with flagship Adani Enterprises leading with a loss of 5.94 per cent or Rs 102.20 to settle at Rs 1,619.55. During intra-day trades, the counter crashed almost 10 per cent to a low of Rs 1,561.10.

Among other counters, Adani Transmission, Adani Total Gas, and Adani Green Energy were locked in at the lower circuit of 5 per cent.

Adani Total Gas which closed at Rs 925.10 on the BSE on Monday, has seen its value fall from a 52-week high of Rs 3998.35 — down almost 77 per cent.