BackAdani Enterprises falls 7.4% on profit-booking ahead of demerger
Intra-day, shares of Adani Enterprises fell 9.3% to Rs717.25, their sharpest fall since 8 July 2014
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Mumbai: Shares of Adani Group companies fell on the back of higher volumes on the last day of futures and options expiry as investors booked profits after a sharp rally ahead of the demerger.
Intra-day, shares of Adani Enterprises Ltd fell 9.3% to ₹ 717.25, their sharpest fall since 8 July 2014. The scrip ended 7.39% lower at ₹ 732 apiece.
Adani Ports and Special Economic Zone Ltd fell 1.70% to ₹ 333.35 and Adani Power Ltd fell 3.01% to ₹ 38.70.
The company said in a notice issued to the BSE on 26 May that it has fixed 4 June as the record date for the purpose of scheme of arrangement and demerger.
On 31 January, Mint reported that the company is considering separating its transmission business and spinning it off into a separate entity. According to the arrangement, the ports business of Adani Enterprises will be folded into Adani Ports and Special Economic Zone and all its power assets will be merged with Adani Power.
The power transmission business will be run by Adani Transmissions Ltd, which the group plans to list on the BSE and the National Stock Exchange. The listing of Adani Transmissions, which has over 5,000 circuit km of power lines in western, northern and central India, is expected to unlock value. Adani Mining Pvt. Ltd will be folded into Adani Enterprises.
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