Adani group stocks nosedive: Buy or Sell? Here's what Anil Singhvi says
Adani group stocks faced heavy drubbing during the early trade on Thursday as Gautam Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The worst-hit stocks were Adani Energy and Adani Enterprises as they tumbled 20 per cent.
Anil Singhvi's view
Zee Business Managing Editor Anil Singhvi said on Thursday that this is not just an allegation but a decision made by the US court.
Bonds fall 10%
"This is the order of a court and not just any allegation. Therefore the stocks are set to fall and there is a possibility of a sharp fall. Moreover, bonds of Adani have fallen by around 10 per cent and this is a big thing," he added.
What to do with Adani Group shares?
Singhvi said that today will be a tough day for shares of Adani and investors should not be in a hurry to buy Adani stocks at any level.
"Don't do fresh buying in Adani stocks. There are a lot of other stocks to buy," he added.
Sell call on four Adani group stocks
The market wizard has a 'sell' call each on four Adani group stocks. Singhvi gave these calls before market hours and in late morning deals, these targets had already been hit.
Adani Enterprises futures
Sell Adani Enterprises futures with a stop loss at Rs 2,880 for targets of Rs 2,600, Rs 2,550 and Rs 2,300.
Sell Adani Port futures
Sell Adani Port futures with a stop loss at Rs 1,310 for targets of Rs 1,200, Rs 1,170 and Rs 1,155.
Sell ACC futures
Sell ACC futures with a stop loss at Rs 2,230 for targets of Rs 2,100, Rs 2,040 and Rs 2,000.
Sell Ambuja futures
Sell Ambuja futures with a stop loss at Rs 570 for targets of Rs 525 and Rs 510.