Adani Group firms fall for 2nd day, Adani Enterprises down nearly 5%

Shares of Adani Group firms continued to remain weak for the second day running on Tuesday amid a host of negative events surrounding the companies.

In the morning session, the scrip of Adani Enterprises plunged 4.89 per cent to Rs 1,633.55 on the BSE.

Some of the group firms also touched their lower circuit levels. The stock of Adani Power nosedived to Rs 148.30, Adani Transmission to Rs 1,070.55, Adani Green Energy to Rs 653.40 and Adani Total Gas to Rs 1,135.60 on the bourse.

Similarly, shares of Adani Wilmar declined to Rs 393.60 apiece and NDTV to Rs 188.35 on the BSE.

The scrips of these companies declined 5 per cent each. In addition, the scrip of Ambuja Cements slipped 4.04 per cent to Rs 328.55, ACC dipped 2.01 per cent to Rs 1,786.75 and Adani Ports and Special Economic Zone fell 1.17 per cent to Rs 546.70 on the BSE.

In the morning session, the 30-share BSE Sensex was trading 295.3 points or 0.49 per cent higher at 60,727.14.

Moody's ratings

Investor sentiment was affected by unfavourable news for the company, including a dramatic reduction in the conglomerate's sales growth plan and a downgrade in Moody's outlook for four Adani Group subsidiaries.

The market's mood worsened over the weekend when it was revealed that three group companies—Adani Transmission, Adani Green, and Adani Ports—had pledged additional shares to SBICAP Trustee.

Since January 24, when activist short-seller Hindenburg Research, based in the United States, published a report making a long list of allegations against the Gautam Adani-led group, including fraudulent transactions and share price manipulation, Adani Group stocks have lost about Rs. 10.2 lakh crore, or about 53% of their combined market cap.

With inputs from Agencies.