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Adani Stocks: Adani Group companies staged a smart rebound from day’s low but could not recover entire losses
Adani Stocks in Freefall: Adani Group shares continue losses, drop up to 11%
Amid rising market volatility, seven listed Adani Group companies staged a notable rebound from their intraday lows, though they were unable to fully recover the early losses during the trading session.
Adani Enterprises, the flagship company of the group, initially fell by 7 per cent but later trimmed its losses, trading at Rs 2,134.45, down 2.2 per cent. Adani Ports also saw a sharp drop of over 5 per cent at the open but recovered to Rs 1,080.60, down 3.06 per cent for the day.
Adani Power Ltd plunged more than 6 per cent early in the session, while Adani Wilmar Ltd dropped over 5 per cent at the open but later rebounded by 1 per cent. By midday, Adani Power was at Rs 465.55 (down 2.23 per cent), while Adani Wilmar saw a slight recovery.
Adani Energy Solutions sank 9 per cent at the start but recovered to a 6 per cent loss by early trading. Adani Green Energy Ltd also faced an 11 per cent drop, stabilizing at Rs 1,060.95, down 7.5 per cent. Adani Total Gas Ltd fell 6 per cent before narrowing its losses to a 2 per cent decline at Rs 590.60.
Three Adani Stocks in the Green
Meanwhile, three Adani stocks—ACC Ltd, Ambuja Cements, and New Delhi Television Ltd (NDTV), which were acquired by the Adani Group—were trading in the green.
The combined market capitalization of all 11 Adani Group stocks fell by Rs 38,000 crore to Rs 11.68 lakh crore in the morning. Over the past two trading sessions, the group’s market value has lost Rs 2.62 lakh crore.
Setback in Kenya
Adding to the group’s troubles, Kenyan President William Ruto announced the cancellation of the procurement process to expand 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 bribery charges filed by US authorities against Gautam Adani, his nephew Sagar Adani, and six others on Thursday. The charges, along with Kenya’s cancellation of a major deal with the group, contributed to a significant decline in Adani stocks.
On Thursday, Adani Enterprises was the biggest loser in the Nifty 50 index, followed by Adani Ports and SEZ. The combined market capitalization of the top five Adani Group companies—Adani Enterprises, Adani Wilmar, Adani Ports and SEZ, Adani Green Energy, and Adani Total Gas—dropped by Rs 1.67 lakh crore to Rs 7.77 lakh crore.
Despite the setbacks, the Adani Group has denied the allegations, calling them “baseless,” while Indian government officials have yet to comment.
