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Adani Group The selling in the shares is not taking the name of stopping even after assurance from the Group companies regarding their financial health. Even today, the shares of all the companies of the group closed in the red mark. Adani Group on Monday sought to make market sentiment positive, saying its growth plans are on track, business plans are fully funded and it remains committed to delivering returns to shareholders. However, this did not affect the investors. Market experts say that there is an atmosphere of fear among investors, due to which they are selling.
Market value of seven group companies halved
In a report released on January 24 by American financial research company Hindenburg Research, the market value of seven companies of the group has halved since the Adani Group was accused of fraud. The group, however, rejected all the allegations. The group spokesperson said, the accounts of each of our independent companies are very sound. We have the healthiest growth potential in the industry, strong corporate governance, secure assets, strong cash flow and our business plans are fully funded.” The group dismissed reports of cut in growth target and capex. “Projects may be delayed but none have been postponed or canceled and plans for solar, green hydrogen and airport expansion are on track. The spokesperson said, “Each entity will review its capital market strategy once the current market stabilises. Rest assured, we remain confident in the continued ability of our units to deliver superior shareholder returns.
Adani Enterprises broke seven percent
Shares of Adani Enterprises, the flagship company of the group, fell more than seven per cent. Credit rating agency Moody’s has downgraded the outlook of four group companies to ‘negative’ from ‘stable’, which adversely affected the group shares. Shares of group companies closed with losses amid mixed trading in the market. Manish Chowdhary, head of research at brokerage firm Stocksbox, said Adani Group shares remained under pressure today. Negative inputs were high for the group during the trading session. This affected investor sentiment. These updates include Moody’s downgrading the outlook for the four Adani group companies. He said that the market capitalization of Adani group companies (including Ambuja, ACC and NDTV) has declined by about Rs 10.2 lakh crore, or about 53 per cent, in the trading sessions since January 24 till date. Shares of Adani Enterprises closed at Rs 1,717.55 on the BSE on Monday, a loss of 7.03 per cent. During the day, the company’s stock fell 10 per cent to Rs 1,662.65. The market valuation of the flagship company of the group declined by Rs 14,797.22 crore to Rs 1.95 lakh crore.
Shares of these companies declined
Shares of Adani Ports and Special Economic Zone (APSEZ) closed at Rs 553.20, a loss of 5.25 per cent. While Ambuja Cements also fell 5.17 percent to close at Rs 342.40 per share. The market capitalization of APSEZ declined by Rs 6,620.82 crore to Rs 1.19 lakh crore. Similarly, Adani Power closed at Rs 156.10, Adani Transmission at Rs 1,126.85, Adani Green Energy at Rs 687.75 and Adani Total Gas at Rs 1,195.35. Besides, Adani Wilmar shares closed at Rs 414.30, NDTV at Rs 198.25. All these companies declined by five percent each and the shares of the companies on BSE touched their lower circuit. During the day, Adani Transmission hit its 52-week low of Rs 1,126.85, Adani Green Energy Rs 687.75 and Adani Total Gas hit its 52-week low of Rs 1,195.35 on the BSE. Besides, ACC stock closed at Rs 1,823.40 per share, down 3.06 per cent. Happened.
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