Nine Adani firms end lower; group’s combined mcap falls to Rs 6.81 lakh cr


PTI, Feb 27, 2023, 7:12 PM IST

Representative Image

Stocks of nine out of ten listed firms of the Adani Group closed in the red on Monday, with the flagship Adani Enterprises tumbling over 9 per cent as investors continued to desert the counters.

The conglomerate, whose business interests span from sea-ports to airports, edible oil and commodities, energy, and cement to data centres, has taken a drubbing on the bourses following a report by US short-seller Hindenburg Research labelling charges of stock manipulation and accounting fraud.

The Adani group has vehemently dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

All the ten listed firms have together lost Rs 12.37 lakh crore (Rs 12,37,891.56 crore) in market valuation since the US short-seller came out with its report on January 24. The group’s combined market capitalisation is now at Rs 6.81 lakh crore, down from Rs 19.19 lakh crore on January 24.

As the decline in group firms further deepened on Monday, Adani Enterprises shares plunged 9.17 per cent to settle at Rs 1,194.20 on the BSE. In intra-day trade, the stock tanked 11.99 per cent to Rs 1,157.

Adani Total Gas went lower by 5 per cent and Adani Wilmar dropped 5 per cent.

Shares of Adani Transmission fell 4.99 per cent, Adani Green Energy declined by 4.99 per cent, NDTV by 4.98 per cent, Adani Power by 4.97 per cent, Ambuja Cements by 4.50 per cent and ACC by 1.95 per cent.

Most of the firms also hit their lower circuit limits during the day.

Only Adani Ports managed to end the trade with gains. It settled 0.55 per cent higher.

On Monday, the BSE Sensex declined 175.58 points or 0.30 per cent to settle at 59,288.35, logging its seven consecutive day of fall. The Sensex has tumbled 2,031.16 points or 3.31 per cent since February 16.

The majority of the Adani Group firms had ended lower on Friday as well.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

Will appear before Lokayukta for questioning in MUDA case, says CM Siddaramaiah

Lies have short life, Cong’s ‘fake’ narrative smashed: Fadnavis

Temple idols found desecrated in Hyderabad, case registered

SC junks plea against quashing of LOC issued to ex-house help of Sushant Singh Rajput

JPC chairman Jagdambika Pal to visit K’taka on Nov 7 to meet farmers protesting Waqf notices

Indian boxer Mandeep Jangra wins WBF’s world title

Related Articles More

CBDT allows tax officials to waive or reduce interest due from assessee

Markets fall in early trade amid unabated foreign fund outflows

New software for fast-tracking project approvals: Karnataka Minister Patil

In-flight passengers can access WiFi services only when allowed, say new rules

SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Waqf Issue: JPC chair Jagdambika Pal to visit Hubballi, Vijayapura on November 7

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

Shivamogga: Wild elephant dies due to electrocution form farm fence; Landowner detained

Folk singer Sharda Sinha’s condition critical, PM in direct contact with treating doctors

Weight loss could help one manage PCOS symptoms, study suggests

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.