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Business News/ Markets / Stock Markets/  Adani-Hindenburg row: All 7 stocks trade in red despite Adani Enterprises FPO sailing through
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Adani-Hindenburg row: All 7 stocks trade in red despite Adani Enterprises FPO sailing through

Adani-Hindenburg row: Budget holds key to Adani group companies as any major announcement in regard to infrastructure sector may change market sentiments on Adani shares in medium to long term, says Avinash Gorakshkar

Adani Enterprises FPO sailed through after getting subscribed over 100 per cent in three day subscription that ended on 31st January 2022.Premium
Adani Enterprises FPO sailed through after getting subscribed over 100 per cent in three day subscription that ended on 31st January 2022.

Adani-Hindenburg research row: Despite Adani Enterprises FPO (follow-on public offer) getting subscribed over 100 per cent, all 7 Adani group stocks witness sell off pressure in early morning deals. Out of the seven Adani group stocks two shares — Adani Power and Adani Total Gas hit lower circuit within few minutes of market opening.

Adani Enterprises share price opened downside and hit intraday low of 2,858.05 on NSE, logging to the tune of 4 per cent dip on Wednesday session. Adani Power share price today opened lower and hit 5 per cent lower circuit within few minutes of market opening. Similarly, Adani Total Gas share price today opened lower and hit 10 per cent lower circuit in early morning deals. Adani Green Energy share price is down around 4 per cent, Adani Transmission is quoting 3.50 per cent lower from its Tuesday close. ACC share price is down around 2 per cent whereas dipped around 3 per cent in early morning session.

Adani Ports share price too witnessed heavy selling and hit intraday low of 598 apiece on NSE, logging 2 per cent intraday dip on Wednesday session

According to stock market experts, despite Adani Enterprises FPO sailing through, it would take time for change in market sentiments. They said that much will depend upon the budget 2023. As FM Nirmala Sitharaman is expected to focus on infrastructure sector to fuel job creation and sentiment in regard to developmental works under the central government, Adani group companies mainly in infrastructure sector are expected to emerge major beneficiary of such announcements. These are expected to change the sentiments in regard to Adani group stocks.

Speaking on Adani group stocks, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "After the US-based short seller raising concern over debt positioning of the Adani group companies, sentiment on Dalal Street has changed in regard to Adani stocks and it would take time for change in this sentiment. However, budget 2023 holds key as the government is expected to focus on infrastructure leading to trickle down of the benefits to some allied sectors like cements, manufacturing and of course infrastructure companies. As Adani group of companies are mainly dealing in infrastructure sector, these announcements are expected to benefit Adani group companies as well. So, any big ticket announcement in budget is going to aid Adani group stocks in medium to long term."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 01 Feb 2023, 11:28 AM IST
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