Adani Group firms' shares fall for 7th day running; Adani Enterprises tumbles 20%

The shares of Adani Group firms continued to remain weak for the seventh day running on Friday (February 3) amid a host of negative events surrounding the companies.

The stock of Adani Enterprises tumbled 20 per cent to Rs 1,173.55 – its one-year low – on the BSE.

The shares of all the Adani group companies tanked – Adani Ports, Adani Transmission, and  Adani Green Energy by10 per cent, Adani Power and Adani Total Gas by 5 per cent, Adani Wilmar by 4.99 per cent, NDTV by 4.98 per cent, ACC by 4.24 per cent, and Ambuja Cements by 3 per cent.

Group firms’ shares hit lower circuit during morning trade

The shares of many of the group firms hit their lower circuit limits during the morning trade.

The Adani Group stocks have taken a beating on the bourses after the US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.

Also read: All about Hindenburg Research, the US firm that has taken on Gautam Adani

The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

“The Board of Adani Enterprises Ltd. (AEL) decided not to go ahead with the fully subscribed FPO. Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction,” the company said in a statement on Wednesday (February 1).

Adani Enterprises, the flagship company of the Adani Group, had a lacklustre start to its FPO, with only 1 per cent subscription on the first day of the share sale. The offer was opened for public subscription from January 27-31.

Meanwhile, the 30-share BSE benchmark Sensex traded 333.9 points or 0.56 per cent higher at 60,266.14.

(With Agency inputs)