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Business News/ Markets / Stock Markets/  Adani Group stocks retreat: Six close in the red amid profit booking; details here

Adani Group stocks retreat: Six close in the red amid profit booking; details here

Among the 10 group stocks, six, including Adani Total Gas, Adani Energy Solutions, Adani Green Energy, Adani Wilmar, Adani Power, and NDTV, finished today's trade in the red.

Adani Wilmar and Adani Power witnessed a 2.2% drop in trade. (Bloomberg)Premium
Adani Wilmar and Adani Power witnessed a 2.2% drop in trade. (Bloomberg)

After an impressive surge over the last few trading sessions, Adani Group stocks experienced a downturn in today's trading session (Wednesday) due to profit booking. 

Among the 10 group stocks, only four, including Adani Ports and SEZ, Ambuja Cements, Adani Enterprises, and ACC, closed with gains of 2.06%, 1.53%, 0.60%, and 0.40%, respectively.

On the flip side, Adani Total Gas saw a substantial decline of 9.84% in trade, reaching 1,004.55 per share. Between December 04 and 08, the stock underwent an unprecedented rally, soaring from 770 apiece to 1,156, marking a 65% gain. During this period, the company added 51,129 crore to its market capitalisation.

Also Read: Adani Ports board approves issuance of NCDs worth 5,250 crore

Meanwhile, Adani Energy Solutions fell by 5.35%. The stock has been consistently declining over the last four trading sessions, dropping from 1,198.70 to the current level of 1,030.90, resulting in a 14% loss of its value.

After a hiatus of nine months, the stock surpassed the 1,000 mark on December 05. However, it is currently trading at a 75.67% discount to its all-time high of 4,238.55.

Also Read: Rajiv Jain-led GQG’s $10 billion India bet has winning picks beyond Adani

Adani Green Energy stock also dipped 2.47% to 1,427.70 apiece in today's trade. However, over the past week, the stock demonstrated an impressive performance, surging from 1,026 apiece to 1,550, representing a notable gain of 51%.

During this period, the company's market capitalisation witnessed a substantial increase of 83,000 crore. The company holds the second-largest market capitalisation among Adani Group stocks.

Other group stocks, such as Adani Wilmar and Adani Power, also witnessed a 2.2% drop in trade, while New Delhi Television declined by 2.91%.

Also Read: Adani Green to raise $410 million to refinance 2024 Dollar Bond

The Adani Group, in a recent statement, said that it will invest USD 100 billion in green energy transition over the next 10 years across its ports, power, and cement operations as it aims to become a net zero emitter by 2050.

The group has set a target to become net zero by 2050 or earlier for five of its portfolio companies. These include Adani Green Energy Ltd, Adani Energy Solutions Ltd, Adani Ports & SEZ Ltd, and cement makers ACC and Ambuja Cements.

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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Published: 13 Dec 2023, 06:42 PM IST
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