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Stocks of Adani group companies today reversed the gains of the previous session on profit booking.
Adani Enterprises shares ended at Rs 435.60, down 7.37 per cent, on the BSE. The stock had rallied 23.15 per cent yesterday.
Shares of Adani Power fell 2.48 per cent to close at Rs 55.10, while Adani Ports and Special Economic Zone lost 0.59 per cent to settle at Rs 192.50. Both stocks had gained yesterday.
The benchmark BSE Sensex index declined 0.38 per cent today, retreating from a record close yesterday, on profit booking and caution ahead of inflation data and the corporate earnings season.
Stocks of Ahmedabad-headquartered Adani Group, especially Adani Enterprises, have been on a roll since the BJP announced Gujarat Chief Minister Narendra Modi as its prime ministerial candidate for the 2014 Lok Sabha elections on September 13.
The Adani Enterprises’ stock more than tripled from Rs 141.20 level on September 13.
The group’s business interests in Gujarat include a port and thermal power project in Mundra.
The recent upswing in the broader market has been fuelled by hopes the BJP-led NDA, which is perceived as more business-friendly, will come to power after the Lok Sabha elections that are under way, according to market experts.
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