Adani group stock rout unstoppable; 6 scrips at lower circuit, Adani Enterprises falls 2% ahead of Q3 results
时间:2024-06-29 02:41:56 阅读(143)
Adani group stocks continued to bleed on Tuesday with six scrips hitting the lower circuit. The rout continues even after the Gautam Adani-led conglomerate appointed accountancy firm Grant Thornton for independent audits of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds. Adani Enterprises shares fell nearly 3% to Rs 1,667 on NSE ahead of Q3 earnings report. Note that valuation guru Aswath Damodaran found the stock to be worth Rs 945 apiece.
Adani Power, Adani Green Energy, Adani Wilmar, Adani Total Gas and Adani Transmission stocks tumbled to hit 5% lower circuit in early trade on Tuesday. Meanwhile, Adani Ports was trading marginally higher at Rs 555.80, up 0.38% on NSE. Adani group-owned Ambuja Cements shares were down 1.56% at Rs 337, while ACC fell 1.82% to Rs 1,789. Shares of NDTV also hit the lower circuit, and were trading at Rs 188 on the National Stock Exchange.
Adani Group has strongly denied the allegations but investors remain concerned. Shares in the group’s seven listed subsidiaries have cumulatively lost about $120 billion in market value in the last three weeks. The conglomerate said last week it was considering an independent evaluation of issues relating to legal compliance, related party transactions and internal controls following the Hindenburg report.
Moody’s downgrades ratings outlooks of 4 Adani group companiesAs Adani group stocks continued to hit new lows everyday, Moody’s Investor Service has downgraded the ratings outlooks of four Adani group companies including Adani Green Energy Ltd to ‘negative’ from ‘stable’. “These rating actions follow the significant and rapid decline in the market equity values of the Adani Group companies following the recent release of a report from a short-seller highlighting governance concerns in the Group,” Moody’s said in a statement. Further, Moody’s kept outlook and ratings stable on four other Adani group companies, including Adani Ports and Special Economic Zone Ltd.
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