After a meteoric rise on Monday, shares of Adani Group companies plummeted heavily as early election trends emerged.
What Happened:
Following their best day in three years on Monday, markets saw a significant correction early on Tuesday. This correction came as early election trends indicated that while the Narendra Modi-led NDA appeared likely to cross the majority mark, the scale of the win might fall short of earlier predictions.
Shares of all 10 Adani Group companies were in the red, with most stocks dropping over 5%. The benchmark indices also suffered, down around 3% in early trade.
Adding to the turmoil, last week, London-based Snowcap Research released a report accusing Adani Green of inflating its financial metrics, overstating cash flow estimates, and relying heavily on related party transactions. Adani Green has denied these accusations.
Price Action:
Here’s how Adani Group stocks traded on Tuesday morning:
- ACC Ltd: Down 5.09% to ₹2,541.20
- Adani Enterprises Ltd: Down 7.66% to ₹3,366.25
- Adani Green Energy Ltd: Down 6.59% to ₹1,903.45
- Adani Ports and Special Economic Zone Ltd: Down 6.83% to ₹1,476.75
- Adani Power Ltd: Down 4.51% to ₹835.50
- Adani Total Gas Ltd: Down 8.00% to ₹1,030.25
- Adani Wilmar Ltd: Down 4.59% to ₹351.45
- Ambuja Cements Ltd: Down 7.40% to ₹620.95
- New Delhi Television Ltd: Down 8.05% to ₹242.05
