The logo of the Adani Group.
| Photo Credit: Reuters
Stocks of Gautam Adani’s seven listed companies on the bourses crashed on opening after the New York Eastern district court indicted Gautam Adani, Sagar Adani, Vineet S. Jain and their associates and bribery and securities fraud on Thursday (November 21, 2024).
Adani Energy Solutionns fell 20% to ₹687.5 apiece the most on Thursday’s open. Adani Enterprises crashed 10% opening at ₹2539.35 a share on Thursday. Adani Ports and Special Economic Zones crashed 10% to ₹1670 per stock. Adani Power Limited stocks fell nealry 11% to ₹467.4 apiece.
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Adani Green Energy fell 16% to ₹1184.25 a share and Adani Total Gas dipped 12% to ₹589.9 per share.
The apple to airports conglomerate’s FMCG stock Adani Wilmar too took a beating opening ₹310, 8% below previous close.
Also, Ambuja Cements cracked 14.99%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%. Some of the group firms also hit their lowest trading permissible limit for the day.
Sensex, Nifty tumble in early trade
Equity benchmark indices Sensex and Nifty tumbled in early trade on Thursday amid sharp fall in Adani group stocks and unabated foreign fund outflows. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75.
From the 30-share Sensex pack, Adani Ports tumbled 10% as billionaire Gautam Adani has been charged by U.S. prosecutors over his role in an alleged years-long scheme to pay $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.
Adani group stocks’ combined mcap erodes by ₹2.45 lakh crore
Adani group stocks faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore.
The stock of the group’s flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE.
Shares of Adani Power slumped 17.79%, Ambuja Cements cracked 17.59%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%.
Some of the group firms also hit their lowest trading permissible limit for the day.
(With inputs from PTI, Reuters)
Published – November 21, 2024 10:24 am IST
