Adani group companies’ share price decline up to 24 per cent in the last 5 sessions – Check other stock details here

Continuing its fall for the fifth straight session, the Gautam Adani-led group companies’ shares have declined between up to 10 per cent on the BSE intraday trade today, with the majority of them trading near day’s low today, this comes on the back of FPI expiry news earlier this week.  

Individually, Adani group companies such as Adani Total Gas, Adani Power, Adani Transmission and Adani Green Energy tumbled by five per cent each, while Adani Enterprises and Adani Ports slipped by 10 per cent on the BSE intraday trade today. 

In the last five sessions, the Adani Ports declined most by around 24 per cent, followed by Adani Total Gas, Adani Power, Adani Enterprises Adani Transmission each declined by 18.5 per cent, while Adani Green Energy declined by over nine per cent on the BSE. 

Earlier this week, it was reported that NSDL (National Securities Depository Limited) froze accounts of three FPIs (Foreign Investment Portfolios) - Albula Investment Fund, Cresta Investment Fund and APMS Investment Fund on or before May 31.

In this regard, "We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investors at large and reputation of the group,” Adani Enterprises and other group companies said on clarification against the news article published. 

Adani group companies’ stocks were trading at almost a record high level earlier.

A brokerage firm CITI has said that negative news flow around Adani group companies is a sentiment negative but unlikely to have any impact on the companies’ business prospects. It added, News report so far indicates no shareholding in the company by concerned FPI accounts. 

The brokerage firm said, the company is well-positioned to grow and it already has a high market share, similarly, the current valuations of each of these companies are attractive.

(Authored by Vaibhav Bansode)