Adani group companies stocks: Big decline in market cap - All you need to know
The shares of Adani Group companies continued the decline for the fifth straight session on Friday, as stormed with negative news against to group and the respective company. The group’s market capitalization eroded by near Rs 1.7 lakh crore to Rs 7.8 lakh crore from Rs 9.5 lakh crore earlier.
The shares of Adani Group companies continued the decline for the fifth straight session on Friday, as stormed with negative news against to group and the respective company. The group’s market capitalization eroded by near Rs 1.7 lakh crore to Rs 7.8 lakh crore from Rs 9.5 lakh crore earlier.
While decoding the last five days’ performance of Adani group companies’ shares, Zee Business Senior Research Analyst Varun Dubey explains the internals and price movements of the group.
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Except for Adani Enterprises and Adani Ports which grew by over eight and seven per cent, all other group stocks continue to hit lower circuit today, as individually, Adani Power, Adani Total Gas, Adani Green Energy and Adani Transmission each tumbled by around five per cent on Friday’s close.
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.
अदानी के मार्केट कैप में भारी गिरावट
अदानी ग्रुप से जुड़ी क्या हैं नई खबरें?
जानिए अदानी पावर को क्यों लगा झटका?#AdaniPower @VarunDubey85 pic.twitter.com/paqxId28Ug
— Zee Business (@ZeeBusiness) June 18, 2021
In this regard, Adani Group in a clarification said, "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,”.
Immediate after the clarification same day, Adani Enterprises, Adain Ports and Adain Green each recovered by 25, 12 and six per cent respectively from the lows. However, Adani group companies’ stocks were trading at almost a record high level earlier, Dubey said while explaining.
He added, this recovery didn’t last long, and the group stocks continued to decline, Adani Power and Adani Transmission shares hi lower circuit for the fifth straight day, while Adani Green Energy shares locked lower circuit for the second session in a row during Friday’s trade.
Meanwhile, adding to these worries, Adani group has deferred the takeover of three airports — Jaipur, Guwahati and Trivandrum — till December, amid disruptions caused by the second wave of Covid-19. The group has written to Airport Authority to India regarding the same, Dubey explained.
Similarly, he also pointed out, that the Andhra Pradesh High Court on Thursday quashed the request for selection (RfS) and power purchase agreement (PPA) of Adani Green Energy for procuring 6.4 GW of solar power projects.
The high court held that the state had awarded solar power tenders in contravention of the Electricity Act, 2003. Tata Power Renewable Energy had moved the HC challenging the RfS and PPA issued by the Andhra Pradesh Green Energy Corporation (APGECL) in January 2021.
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