BackAdani Power to Adani Ports: Adani shares trade red. Market cap dips highest in last four months
All Adani group shares are down since opening bell and the Adani group has lost ₹52,000 crore market cap due to this sell off, which is highest in last four months
PremiumAdani shares have been under sell off heat since early morning deals on Friday. All ten Adani group shares are in red territory since opening bell where Adani Enterprises share price has corrected maximum. Adani Transmission share price has tumbled second most among Adani shares followed by Adani Power and Adani Ports shares. In this heavy beating on Friday, Adani group stocks have lost around ₹52,000 crore market capitalisation during Friday deals.
According to stock market experts, all Adani group shares are nosediving today as US regulators are enquiring about Adani group's representations to US-based investors.
Reason for Adani group share fall
Speaking on the reason for Adani group share price tumble, Vaibhav Kaushik, Research Analyst at GCL Broking said, "Adani group shares are nosediving today after the news break about US regulator enquiring about the Adani group's representation to the US investors in the wake of the Hindenburg Research’s report, which raises concern over the debt positioning of the group companies. The US regulator would also enquire about the stock price manipulation using offshore shell companies."
The GCL Broking expert went on to add that current fall in Adani group share is a short term trigger as the enquiry would take time to come out with a concrete findings.
In early morning session, Adani Enterprises share price opened downside and went on to hit intraday low of ₹2,163.30 apiece on NSE. Adani Power share price today opened at Thursday close price and went on to hit intraday low of ₹241 per share on NSE within few minutes of opening bell today. Adani Ports share price today opened with a downside gap and went on to hit intraday low of ₹703 apiece on NSE. Adani Transmission shares too opened lower and lost to the tune of 4.50 per cent within few minutes of stock market's opening bell session.
Friday fear grips Adani group market cap
After strong sell off trigger during early morning session, all ten Adani group shares witnessed heavy beating, which led to around ₹52,000 crore market cap erosion. This is biggest market cap erosion in Adani group shares in last four months. On 9th February 2023, Adani group had lost a huge ₹59,538 crore market capitalisation after the sell off triggered by Hindenburg Research report.
Adani group news today
As per the Bloomberg report, US authorities, including the Securities and Exchange Commission and the Attorney’s Office in Brooklyn, New York, are enquiring about the representations made by Adani Group to its American investors in the wake of the Hindenburg Research’s report that accused the company of using offshore companies to manipulate its share prices.
The institutional investors with large holdings in the Indian conglomerate have received inquiries from the Attorney’s Office in Brooklyn and SEC asking for the information on what Adani group told those investors, the report added quoting sources.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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