Adani Group stocks tumble up to 7%; four firms hit lower circuit limit
1 min read . Updated: 14 Mar 2023, 11:49 AM IST
Premium- Shares of Adani group firms were back under the spotlight in today's trade after the Finance Ministry told Lok Sabha that volatility in stocks of Adani Group had no ‘significant’ impact at the systemic level
Adani Group stocks will be in focus today as the Finance Ministry on Monday answered an array of questions in the Parliament over the impact that the Adani Group of companies had suffered post a damning report of a US short seller.
The stock of Adani Enterprises Ltd (AEL) tanked 7.16 per cent to trade at ₹1,739.45 apiece on the BSE. The flagship entity's market valuation dropped to ₹2.01 lakh crore.
On the other hand, Adani Green Energy fell 1.83 per cent to trade at ₹704.10 apiece on BSE.
ACC slipped 1.18 per cent to trade at ₹1,749.15, Adani Wilmar tumbled 2.85 per cent to trade at ₹423.00 and Adani Ports and Special Economic Zone (APSEZ) plunged 3.71 per cent to trade at ₹655.70 on the exchange.
Also, shares of Ambuja Cements dived 3.49 per cent to trade at ₹355.00 on BSE.
However, four Adani group companies -- NDTV, Adani Power, Adani Transmission, Adani Total Gas -- hit their 5 percent lower circuit on the BSE on Tuesday's morning trading hours.
NDTV was trading at ₹211.05, Adani Power at ₹204.75, Adani Transmission at ₹901.55, Adani Total Gas at ₹947.80 -- also their lower price bands on BSE.
Govt on Adani-Hindenburg row
The government said that Hindenburg Research's report didn't have any “significant impact at the systemic level" although their market capitalisation within two months had dipped to 60 per cent.
The Union Finance Ministry also informed Lok Sabha that the government had not constituted any committee to investigate the allegations made against the Adani Group of companies.
While responding to questions asked by Congress members of Parliament (MPs), T N Prathapan, Manish Tewari and Jothimani Sennimalai, who had sought an update on the investigation into the alleged stock manipulation by the Adani group of companies, Union minister of state for finance Pankaj Chaudhary said that capital market regulator SEBI had already taken up the investigation and would conclude it within two months as per a Supreme Court order dated 2 March.
After taking a beating on the bourses, following the bombshell report, Adani Group stocks have recovered significantly.
The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. However, Adani has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.