Adani Ent share price hits 15% lower circuit a day after FPO sails through
1 min read . Updated: 01 Feb 2023, 02:28 PM IST
Premium- Adani Enterprises stock opened higher at ₹3,030, but could not sustain the morning and continued to lose through the day
Adani group's ₹20,000-crore FPO might have sailed through, but the worst of the Adani-Hindenburg saga may not be over yet.
The Adani Enterprises share price hit a 15% lower circuit at ₹2,528 on BSE versus the previous close of ₹2,975 on weak sentiment. The stock opened higher at ₹3,030, but could not sustain the morning and continued to lose through the day. The stock further nosedived to ₹2,380, down ₹595, or 20%, on BSE at 2.40 pm.
Meanwhile, Adani Ports share price also opened higher at ₹630 versus the previous close of ₹612, but could not sustain the gains and started to fall. At the time of writing this copy, the stock was down ₹91.90, or 15% lower circuit, at ₹520.
The Adani group stocks have been volatile since January 25 when US-based Hindenburg Research released a report alleging Adani group of fraud.
The other Adani group stocks were also trading lower - Adani Power down ₹11.15, or 4.98%; Adani Transmission down ₹106, or 5.98%, at ₹1,667.95; Adani Green Energy lower by ₹97.10, or 7.93%, at ₹1,126.95; Adani Total Gas at ₹1,901.65 down ₹211.25, or 10%; Adani Wilmar at ₹443.60 down ₹23.30, or 4.99% on BSE.
Credit Suisse today said it has stopped accepting bonds of Adani group as collateral for margin loans to its private banking clients, a sign that scrutiny of the billionaire Gautam Adani's finances is growing after allegations of fraud by short-seller Hindenburg Research.
The Swiss lender’s private banking arm has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Electricity Mumbai Ltd, Bloomberg reported.
The rout in Adani stocks has dragged banking stocks also lower as fear of their exposure towards Adani's debt takes centrestage.
