Adani Group Stocks Crash: For the second consecutive trading session, the stocks of Adani group companies opened with a heavy fall on Friday morning. Stocks of Adani Group fell by 19 per cent as soon as the market opened. Shares of Adani group companies have opened upside down for the second day in a row after the US-based Hindenburg Research’s shorting of Adani Group’s shares, raising questions ranging from 85 per cent overvaluation of shares to corporate governance.
Stocks fell by 19 percent
The stock of Adani Transmission fell by 19 per cent as soon as it opened. The stock had closed at Rs 2517 on Wednesday, which slipped down to Rs 482 per share after the opening of the market. Currently the stock is trading at Rs 2177 with a fall of 13.22 per cent. There is also a big decline in the stock of Adani Total Gas. The stock fell from the last closing of Rs 3660 to close to Rs 700 ie 19 per cent to Rs 2963. Currently the stock is trading at Rs 3147 with a fall of 13.66 per cent. The stock of Adani Green Energy fell from the previous closing level of Rs 1857 to Rs 1564, down 15.77 per cent ie Rs 293 per share. Currently the stock is trading at Rs 1714 with a fall of 7.74 per cent.
Lower circuit in these stocks
Adani Power and Adani Wilmar are also down 5 per cent in other stocks of Adani Group and both the stocks are in lower circuit. The stock of Adani Ports, which closed at Rs 713 on Wednesday, fell to Rs 675 as soon as it opened, currently the stock is trading at Rs 695, down 2.63 per cent. Other stocks of Adani group are trading with NDTV 5 per cent, Ambuja Cement 7.63 per cent and ACC 6.09 per cent down.
Big fall on the day of FPO
Adani Enterprises’ follow-on offer is open from Friday. There is a huge fall in the stock on the same day. From the last closing level of Rs 3388, the stock has fallen by 6.13 percent to the level of Rs 3180. Currently the stock is trading at Rs 3312 with a fall of 2.25 per cent. The share price of Adani Enterprises is now trading near the level of the price band of the FPO.
stick to the Hindenburg Report
Adani Group said on Thursday that the American company is looking into the options of legal action against Hindenburg Research. While Hindenburg Research said that it stands by its report. The Hindenburg report openly accused the Adani group of being involved in ‘stock manipulation and accounting fraud’.
read this also
