Comments
Shares of four Adani Group firms, including Adani Enterprises and Adani Ports bounced back on Friday after facing heavy drubbing in the past 6 days.
The stock of Adani Enterprises rebounded 1.25 per cent to settle at ₹1,584.20 apiece on the BSE. During the day, it tumbled 35 per cent to ₹1,017.10 — its one-year low.
Shares of Adani Ports also bounced back and climbed 7.98 per cent to ₹498.85 after falling 14.51 per cent to ₹394.95 — its one-year low — during the day. Ambuja Cements rallied 6.03 per cent and ACC climbed 4.39 per cent.
Some Adani Group stocks revived post the confident statement by TotalEnergies, a French energy company, raising the sentiment of the market, said Vinod Nair, Head of Research at Geojit Financial Services.
However, shares of Adani Transmission tanked 10 per cent, Adani Green Energy (10 per cent), Adani Power (5 per cent), Adani Total Gas (5 per cent), Adani Wilmar (4.99 per cent), NDTV (4.98 per cent).
Related Stories
Adani group’s ability to raise capital could be reduced: Moody’s
The total exposure to Adani Group as a percentage of net worth across leading banks is less than 5% and, hence, not at alarming levelsMany of the group firms hit their lower circuit limits during the trade. Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. The 10 listed Adani Group firms have faced a combined erosion of over ₹8.76-lakh crore in the past 6 days.
French energy giant TotalEnergies, which had in past years taken stakes in two Adani group listed firms, on Friday said it has not performed any re-evaluation of its holdings because of volatility in stock prices following allegations of fraud.
In a statement, the French firm said its investment in Adani group entities were undertaken in full compliance with the Indian laws and its own internal governance processes. The company has a 37.4 per cent stake in Adani Total Gas Ltd and a 20 per cent holding in Adani Green Energy Ltd.
Related Stories
Fitch Ratings says no immediate impact on Adani companies’ credit profiles
Fitch pointed out that were no material changes to the companies’ forecasted cash flows that could affect their current rating profile."The board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO. Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction," the company said in a statement on Wednesday.
Adani Enterprises, the flagship company of Adani Group, had a lacklustre start to its FPO, with only 1 per cent subscription on the first day of the share sale. The offer was opened for public subscription from January 27-31. Meanwhile, the 30-share BSE benchmark Sensex zoomed 909.64 points or 1.52 per cent to settle at 60,841.88.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.