Adani Group stocks down: Rs 90,000 Cr wiped offBusiness News

March 14, 2024 20:21
Adani Group stocks down: Rs 90,000 Cr wiped off

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Adani Group stocks experienced a significant decline on March 13th, with all 10 Adani counters trading in the red and wiping out approximately ₹90,000 crore off their combined market capitalization by noon. Adani Green Energy emerged as the top loser, plummeting 13 percent to ₹1,650 per share on the NSE, marking the biggest single-day drop for the company's shares in 2024 so far. Adani Enterprises and Adani Ports & SEZ also saw losses of 5.5 percent and 5.3 percent, respectively. Other Adani Group companies such as Adani Energy Solutions, Adani Power, Adani Total Gas, NDTV, and Adani Wilmar witnessed declines ranging from 4 to 7 percent.

This marked the seventh consecutive day of decline for Adani Enterprises, which had been trading nearly 100 percent higher from its 52-week low of ₹1,573. The overall market capitalization of Adani Group stocks has now decreased by ₹90,000 crore, representing 5.7% of the group's total market cap of nearly ₹15.85 lakh crore as of Tuesday.

Prior to this downturn, brokerage firms HSBC and Motilal Oswal had raised target prices on Adani Ports and reaffirmed their "buy" recommendations on the stock, citing February data that suggested the company could exceed its higher cargo volume guidance for the fiscal year. Jefferies also initiated coverage on Adani Enterprises on February 13 with a "buy" rating, forecasting a doubling of EBITDA by FY26 to ₹21,449 crore and setting a target price of ₹3,800 for the stock.

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Adani Group  stocks news