Adani shares still under pressure; group firms lose $125-bn macp since January 24
时间:2024-06-26 05:59:51 阅读(143)
Shares of Adani Group companies remained under pressure on Tuesday even as flagship Adani Enterprises posted a profit for the quarter ended December (Q3) on coal trading and airports performance.
Group companies have now lost over $125 billion, or Rs 10 trillion, in market capitalisation since the close of trading on January 24, a day before Hindenburg Research put out its report.
Also read: Your Money: Ways to de-risk your portfolio
ACC and Adani Ports were the only other group companies to end in the green, up 0.4% and 2.1%, respectively.
Adani Green Energy, Adani Total Gas, Adani Transmission, Adani Wilmar, NDTV and Adani Power slid 5% each. Ambuja Cements was down 1.7% to Rs 336 apiece.
The government on Monday accepted the Supreme Court’s suggestion for a retired judge-led committee to study the recent fall in shares of Adani Group companies and recommend improvements in statutory and regulatory regimes governing the securities market to protect investors in future.
Two large Adani group companies are likely to repay their short-term commercial paper debt as they come due over the next few months, instead of rolling them over as is normal, according to a Reuters report. The group has 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, Reuters reported Monday.
Also read: Nearly 5 lakh informal micro units formalised in a month via new Udyam Assist Platform: MSME Min
The MSCI has changed the foreign inclusion factor in Adani Transmission, Adani Total Gas and Adani Enterprises, which could lead to estimated outflows of $416 million in these companies. The MSCI passive trackers will implement changes on February 28.
Adani Enterprises is expected to see its weight decline by 30 basis points, which could lead to outflows of about $161 million, according to estimates by Nuvama Alternative & Quant Research. Adani Transmission and Adani Total Gas will see their weights decline by 30 bps and 20 bps, resulting in estimated outflows of $145 million and $110 million, respectively. ACC’s weight will reduce by 2 bps, resulting in outflows of $12 million.
The affected securities will be further reviewed as part of the Full Country Float Review in May, which could lead to some index deletions and more passive selling, according to experts.
The MSCI defines the free float of a security as the proportion of shares outstanding that is considered available for purchase in the public equity markets by international investors.
上一篇:Nifty PSU Bank index jumps nearly 3% today, SBI among preferred stocks; check credit growth outlook
猜你喜欢
- Firm to delist ADRs from NYSE
- Nifty falls below 17700, Sensex dips 150 pts in early trade on Wed, Mar 8; Adani Group stocks rise
- Mukka Proteins gets Sebi nod to float IPO
- Need to be careful about tech-driven human resource management in HEIs
- FII, DII data- FPIs sold shares worth Rs 90 cr, DIIs bought shares worth Rs 783 cr on October 6, Friday
- Nifty may aim for 17850 level this week, India VIX falls to 17
- Nifty needs to hold 17600 to scale 18000, expect north-bound journey; Buy Tata Steel, Siemens shares
- Final farewell- Queen Elizabeth II will be laid to rest at state funeral-PHOTOS
- NBFCs scout for potential buyers for their AIF units