Most Adani Group Stocks Close Lower, Adani Enterprises Down 4%
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Shares of eight of the 10 group firms closed in the red. (File)
Shares of most of the Adani group companies settled lower on Friday, with flagship company Adani Enterprises registering a 4 per cent slump, after index provider MSCI decision to cut the free-float weight of some companies of the conglomerate in their indices.
Shares of eight of the 10 group firms closed in the red, while two companies settled in the green territory on Friday.
The Market cap of Adani group companies fell again by 3.3 per cent on February 10, following the MSCI decision to cut the free float weight of some companies of the conglomerate in their indices.
"The market cap of the group is now down by 51 per cent as compared to that on January 24," Deepak Jasani, Head of Retail Research at HDFC Securities said.
The scrip of Adani Enterprises nosedived 4.15 per cent to settle at Rs 1,847.35 apiece on the BSE. During the day, it declined 10 per cent to Rs 1,734.60 -- its lower price band on the exchange.
The flagship company's market valuation dived Rs 9,114.31 crore to stand at Rs 2.10 lakh crore.
Adani Power settled lower at Rs 164.30, Adani Transmission at Rs 1,186.15, Adani Green Energy at Rs 723.90 and Adani Total Gas at Rs 1,258.25. The shares of these companies declined 5 per cent each and their closing levels touched the respective lower circuit levels on the bourse.
During the day, shares of Adani Transmission, Adani Green Energy and Adani Total Gas touched their 52-week low of Rs 1,186.15, Rs 723.90 and Rs 1,258.25, respectively, on the exchange.
Besides, stock of NDTV slipped 3.65 per cent to end at Rs 208.65, ACC slumped 1.85 per cent to settle at Rs 1,881 and Adani Wilmar fell 0.95 per cent to close at Rs 436.10 on the BSE.
However, shares of Ambuja cements jumped 0.85 per cent to settle at Rs 361.05 and Adani Ports and Special Economic Zone gained 0.31 per cent to end at Rs 583.85.
Meanwhile, the 30-share BSE Sensex benchmark index closed 123.52 points or 0.20 per cent lower at 60,682.70 points on Friday.
After US-based short-seller Hindenburg Research came out with an adverse report about the Adani Group on January 24, shares of the group companies have taken a beating on the bourses.
Earlier, MSCI Inc said it has received feedback from a range of market participants concerning the eligibility and free float determination of specific securities associated with the Adani Group for the MSCI Global Investable Market Indexes (GIMI).
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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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