Shares of four companies of Adani group returned fast, these shares still continue to decline. Shares of four companies of Adani group returned fast, these shares still continue to decline

Adani Enterprises And shares of four group companies, including Adani Ports, closed sharply on Friday. Earlier, there was a sharp decline in the shares of Adani group companies for the last six days. Shares of Adani Enterprises closed at Rs 1,584.20 per share, up 1.25 per cent, on the BSE. It had fallen to its one-year low of 1,017.10 in day trade. Shares of Adani Ports made a comeback, rising 7.98 per cent to Rs 498.85 per share. It had touched a one-year low of Rs 394.95, down 14.51 per cent during the day. Ambuja Cement gained 6.03 per cent and ACC gained 4.39 per cent. Vinod Nair, Head of Research, Geojit Financial Services, said some of the Adani group stocks gained on positive sentiment in the market following the statement from French power company TotalEnergies.

Shares of these companies continue to decline

However, Adani Transmission declined 10 per cent, Adani Green Energy 10 per cent, Adani Power 5 per cent, Adani Total Gas 5 per cent, Adani Wilmar 4.99 per cent and NDTV 4.98 per cent. American company Hindenburg Research has accused the group led by industrialist Gautam Adani of indulging in “stock manipulation and accounting fraud”. After this, the shares of the group companies are continuously falling. The Adani group has rejected the allegations made in the Hindenburg report.

S&P downgrades outlook to negative

US-based rating agency S&P Global Ratings on Friday retained the outlook on Adani Ports and Adani Electricity from stable to negative while maintaining the outlook on both the companies. It is noteworthy that Hindenburg Research, a US-based financial research company, in its report has alleged a lot of irregularities at the level of company operations in Adani Group. After this report, there has been a sharp decline in the shares of the group companies. This has also had an impact on bond prices and yields of group companies. The group vehemently denied all allegations, accusing Hindenburg of acting “recklessly” and threatened legal action against him. The group also decided to withdraw the Rs 20,000-crore follow-on public offering (FPO) of its flagship company Adani Enterprises even after it was fully subscribed.

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