Adani Group stocks slide pre-close, Adani Enterprises falls more than 7%

Shares of Adani group of companies are declining in the trading session with with flagship company Adani Enterprises falling above 7%.

The Group's shares also fell in morning trade on Monday, with Adani enterprises falling over 4 per cent after credit rating firm Moody's revised the rating outlook on four companies of the conglomerate to 'negative' from 'stable'.

At 15:23 IST, on the BSE Sensex, the shares of Adani Enterprises were trading at 1713.30 apiece, Rs 133.65.

On the BSE Sensex, the shares of Adani Ports were trading at Rs 552.55 apiece while Adani Power was Rs 156 apiece which were 5.38% and 4.99% down respectively, at 15:23 IST.

In the early trade today, the scrip of Adani Enterprises dived 4.32 per cent to Rs 1,767.60 apiece, while shares of Adani Ports and Economic Zone slipped 2.56 per cent to Rs 568.90 per share.

All of the group firms also touched their lower price bands during the volatile session before the market close.

In the morning session, shares of Adani Power fell to Rs 156.10, Adani Transmission to Rs 1,126.85, Adani Green Energy to Rs 687.75 and Adani Total Gas to Rs 1,195.35 per share on the bourse. All these scrips declined at least 5 per cent each.

The scrip of Ambuja Cements plunged 5.25% to Rs 341.85, Adani Wilmar went lower by 5.00% to Rs 414.10, NDTV nosedived 4.99% to Rs 198.10 and ACC fell 3.02% to Rs 1,823.55 apiece on the BSE.

In the closing session, the 30-share BSE Sensex was trading 250.86 points or 0.41% lower at 60431.84 points and the Nifty was down 93.05 points or 0.52% at 17763.45.

Moody's ratings

In a statement, Moody's Investor Service on Friday said that it has revised the rating outlook on four Adani Group companies to negative from stable after a significant and rapid decline in market value following a report by US-based short seller Hindenburg Research.

The combined market cap of the group companies is down by 51 per cent as compared to that on January 24, when US-based activist short-seller Hindenburg Research through its adverse report made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.