Adani Group stocks take a hammering on Dalal Street; shed Rs 1.26 lakh crore in market capitalisation
By Team Asianet Newsable | First Published Mar 13, 2024, 5:20 PM ISTAdani Group stocks are facing significant losses in Wednesday's trading session, with all ten stocks witnessing declines between 5% to 10%. The cumulative market capitalization of Adani Group has dropped by Rs 1.26 lakh crore so far.
All ten stocks under the Adani Group umbrella, including Adani Ports, Adani Enterprises, and others, experienced losses ranging between 5% to 10% in Wednesday's trading session. Notably, Adani Ports and Adani Enterprises are among the top five losers on the Nifty 50 index, each witnessing losses exceeding 8%.
Additional stocks like Adani Total Gas, Adani Green Energy, Adani Wilmar, ACC, and Ambuja Cements are also facing significant declines mid-week.
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The collective market capitalization of all Adani Group stocks has plummeted by ₹1.26 lakh crore so far, constituting 7.9% of the group's overall market capitalization as of Tuesday's closing.
Adani Enterprises shares have dipped for the seventh consecutive day, while Adani Ports has recorded a decline of over 10% in the last two trading sessions alone. Furthermore, Adani Green Energy has observed its most substantial single-day drop of 2024 to date.
Most other stocks within the Adani Group are undergoing losses for the second consecutive day, mirroring the broader market's downturn. The Nifty Midcap and Nifty Smallcap indices are both down over 4% each, marking their third consecutive day of decline.
Despite recent setbacks, brokerage firms HSBC and Motilal Oswal have raised target prices on Adani Ports, maintaining their "buy" recommendations based on strong February data indicating potential surpassing of cargo volume guidance for the fiscal year.
Adani Group stocks had shown impressive returns to investors following a period of turmoil spurred by allegations of financial misconduct and misinformation by US-based short seller Hindenburg Research.
Ventura Securities, a domestic brokerage firm, remains optimistic about Adani Energy Solutions, initiating coverage with a 'buy' rating and a target price of Rs 1,600. The brokerage suggests buying opportunities for Adani Enterprises and Adani Ports amid market volatility.
Note: This news report by Asianet Newsable is for informational purposes only and should not be considered investment advice.
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