Adani Group stock routed again, after MSCI reviews free float, Adani Enterprises tanks 20%
时间:2024-06-26 09:11:13 阅读(143)
The rout in Adani Group stocks resumed on Thursday after Wednesday’s rise, as Morgan Stanley Capital International (MSCI) said that some Adani group stocks should no longer be designated as free float after investors raised concerns over the eligibility of the Adani companies for some of its indexes. MSCI announced that any changes to the free float and market capitalisation of Adani Group stocks, which will impact the calculation of these figures, will be implemented and announced as part of its February index review, set to be released today. Following the news, Adani group flagship company Adani Enterprises’ share price witnessed a slump of 20%.
Nine out of ten Adani Group firms were trading in the negative territory. Adani Enterprises stock plunged 20%, its lower price band on the NSE, before recovering slightly. The stock was last trading at Rs 1,969, down 9% on NSE. The market capitalisation of the flagship company declined to Rs 2.38 lakh crore in initial trade. Meanwhile, Adani Ports and Special Economic Zone shares plunged 5.59% to Rs 565.95. Along similar lines, Adani Transmission Adani Green Energy and Adani Total Gas fell 5% each in initial trade on the bourses.
However, the group stocks have lost around Rs 8.7 lakh crore or about 45% of their combined market valuation since 24 January, when the US-based short-seller Hindenburg Research came out with its scathing report about the Gautam Adani-led conglomerate. Adani Group, on Monday, said the promoters will pre-pay $1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024. These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission.
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- e 39,500. “Support placed at 17900 and 39,200.” Meanwhile, Nagaraj Shetti believes that any lack of strength around 17900-18000 levels in the next 1-2 sessions could pull Nifty below the resistance area in the short term. “On the other side, a decisive move above 18K mark is likely to pull Nifty towards the next upside target of 18600 levels in the near term. Immediate support is placed at 17760 levels,” he said.
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