Adani Enterprises Sinks, 2 Stocks Hit 5% LC; Adani Green Last Man StandingMarch 21,2023
Adani Group stocks are marred in red in Monday’s intraday except for the mega-cap energy scrip Adani Green Energy (NS:ADNA).
The flagship company of Adani Group, Adani Enterprises’ shares fell 4.6% to Rs 1,790 apiece on Monday, securing the spot of top losers on the Nifty index, while Adani Ports (NS:APSE) declined 3% in the session.
Adani Total Gas (NS:ADAG) and Adani Transmission (NS:ADAI) hit 5% lower circuits in a weak market on Monday, while Adani Power (NS:ADAN) and Adani Wilmar (NS:ADAW) stocks also tanked up to 5% during the trade.
Meanwhile, Adani Group-led stocks NDTV (NS:NDTV), Ambuja Cements (NS:ABUJ) and ACC Ltd (NS:ACC) too fell in a similar fashion to peer stocks on Monday, sinking in the red.
The ports-to-power conglomerate group stocks tumbled on Monday following reports that Adani Group has suspended work on a petrochemical project worth Rs 34,900 crore in Gujarat’s Mundra, as it looks to currently focus on resources for consolidating operations and address investor concerns after the release of Hindenburg report, which eroded approximately $140 billion from Adani’s books.