Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone (APSEZ) shares increased on the BSE in the early trading session on Wednesday, while Adani Power, Adani Transmission, and Adani Total Gas fell to the lower circuit level of 5% each for the second day in a row.
All 10 listed Adani group firms finished lower on Tuesday, with flagship firm Adani Enterprises falling more than 7% amid a negative trend in equity markets.
On Sunday, the embattled Adani Group announced that it has repaid $2.65 billion in loans to complete a prepayment scheme ahead of the March 31 deadline to reduce total debt in an attempt to regain investor faith following a critical report from a US short seller.
Adani Enterprises Stock Surge While Other Hits Lower Circuit
Meanwhile, the Supreme Court established an expert committee and directed market regulator SEBI to investigate whether Adani stock prices were manipulated. The Supreme Court ordered SEBI to conduct a probe and produce a progress report within two months. The committee will be composed of six members, led by former Supreme Court Judge AM Sapre.
After a report by US-based short seller Hindenburg Research on January 24, the group's stocks had recovered, as earlier this month, the Gautam Adani-led conglomerate sold minority shares in four of its listed companies to US-based investment firm GQG Partners for Rs 15,446 crore.
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Yesterday, the shares opened higher on the BSE at Rs 1902. For the last three sessions, the stock has been declining. Adani Enterprises shares are trading higher than their 20-day moving averages but lower than their 5-day, 50-day, 100-day, and 200-day moving averages. This year, the stock is down 51.45%. Adani Enterprises' stock has increased by 8.08% in a year.
Adani Ports' stock plummeted 2.92% intraday to Rs 677.5 on the BSE. Eventually, the stock closed at Rs680.95, down 2.42% from the previous session's close of Rs 697.85. The port operator's market capitalization has dropped to Rs 1.47 lakh billion. It is above the 20 and 50 day moving averages but below the 5 day, 100 day, and 200 day moving averages.
On the BSE, Adani Wilmar stock fell 4.7% to an intraday low of Rs 432. Eventually, the shares fell 3.95 percent to Rs 435.40. The company's market capitalization has dropped to Rs 56,588 crore.
On the other hand, Adani Transmission's stock surged 5% intraday to Rs 949 on the BSE. The stock then finished at the same level as the previous closure of Rs 903.85. The company's market capitalization increased to Rs 1.05 lakh crore. Throughout the period, it was stuck in the upper circuit of 5%.
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Adani Power's stock closed 5% higher at Rs 215.50, compared to the previous closing of Rs 205.25. In the previous session, the stock opened with a 4.63% gain at Rs 214.75. In the last nine days, the stock has increased by 54.48%.
Adani Green Energy's stock closed 5% higher at Rs 717.20, compared to the previous closing of Rs 683.05. In the previous session, the stock opened with a 5% rise and was locked in the upper circuit. In the last nine days, the stock has increased by 55.09%.
Pankaj Chaudhary, Minister of State for Finance, stated in Lok Sabha that the nine listed firms of Adani Group suffered a decrease in market valuation of roughly 60% from January 24, 2023 to March 1, 2023, as a result of the Hindenburg Research research.
The volatility in the equities of these companies has not had any meaningful influence at the systemic level. At the same time span, the Nifty 50 fell by about 4.5%," he noted.
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