Home/ Markets / Stock Markets/  Adani group stocks: Nine are down in FY23, expect once; mcap tanks to 8.63 lakh cr

Stocks of seven out of ten listed firms of the Adani Group closed in the red on Friday, with the flagship Adani Enterprises tumbling 2.68 per cent to 1,745.95 apiece as investors continued to desert the counters.

For the ongoing financial year, Adani Total Gas and Adani Transmission tanked the most, with a fall of 54 per cent. This was followed by Adani Green Energy, down 49 per cent, while Adani Wilmar fell 19 per cent.

Adani Ports and Special Economic Zone and Adani Enterprises tumbled 15 per cent and 11 per cent, respectively.

On the other hand, Adani Power emerged as the only gainer among the seven listed stocks. The stock rose 4 per cent to 192.60 on 24 March, 2023 from 185.05 on 31 March, 2022.

After taking a beating on the bourses, following the report by US-based short seller Hindenburg Research, many of the group stocks have recovered some lost ground. However, amid sluggish broader market trends, the group's stocks have declined in the last few trading sessions.

The explosive report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

Adani group mcap

Meanwhile, the combined mcap or market capitalisation of seven-listed companies of the Adani Group – Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Power, Adani Total Gas, Adani Transmission and Adani Wilmar – tumbled by over 4.50 lakh crore to 8.63 lakh crore on 23 March, 2023, from 13.20 lakh crore on 31 March, 2022.

Equity benchmark indices Sensex and Nifty buckled under selling pressure for the second straight session to settle nearly 1 per cent lower today as investors pared exposure to the metal, energy and realty stocks amid a bearish trend in Asian and European markets.

In a volatile trade, the 30-share BSE Sensex declined 398.18 points or 0.69 per cent to finish at 57,527.10, with 24 of its constituents posting losses. During the day, the index witnessed a high of 58,066.40 and a low of 57,422.98.

The broader NSE Nifty fell 131.85 points or 0.77 per cent to slip below the psychological level of 17,000. The index settled at 16,945.05, with 41 of its scrips ending in the red.

"The said market decline was primarily led by concerns over a global slowdown as well as continued pressure on Adani group stocks and fear of its implications for India’s Banking sector." said Nishit Master, Portfolio Manager, Axis Securities PMS.

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Updated: 24 Mar 2023, 05:42 PM IST
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