Adani Group stocks in lower circuit today- These scrips in downward spiral after MSCI review
时间:2024-06-02 05:59:11 阅读(143)
Adani group stocks continued falling on Friday after Morgan Stanley Capital International (MSCI) cut the free-float designations of four Adani group companies, saying that it plans to reduce the weightage of these stocks, effective March 1. Adani Enterprises shares fell nearly 10% on open today. However, the scrip recovered and was last trading down 1.8% at Rs 1,899 on NSE. Adani Green Energy, Adani Power, Adani Transmission and Adani Total Gas stocks hit lower circuit of 5%, and were trading at Rs 726, Rs 164, Rs 1,186, and Rs 1,255 respectively. Seven out of ten Adani Group firms were trading in the negative territory.
Adani Ports and Special Economic Zone shares were up 1.72% at Rs 164 on NSE. Ambuja Cements share price rose 1.26% to Rs 362, NDTV fell 2.66% to Rs 210, and ACC declined 0.88% to Rs 1,899. Meanwhile, Adani Wilmar shares jumped 2.09% to touch Rs 448 apiece on NSE. Note that since January 2, Adani group stocks have experienced a dramatic decline following allegations made by US-based short-seller Hindenburg Research, a US-based research firm. The accusations of “stock manipulation and accounting fraud” against the Adani Group have resulted in a sharp erosion of the conglomerate’s market capitalization, wiping out over $120 billion in value.
Aside from MSCI’s decision, French Total Group’s decision to put on hold its venture with Adani for a $-50 billion foray in hydrogen fuel also dampened market sentiments. Moody’s has already warned that share price declines could hit the Adani Group’s ability to raise capital. Hindenburg Research founder Nathan Anderson termed the MSCI statement as “validation of our findings”.
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