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Adani Group Stocks: The trend of decline in the shares of most of the Adani group companies continued on Monday as well. Amidst this decline, the market capitalization of all the group companies has reduced by Rs 9.5 lakh crore in nine trading days. After the report of Hindenburg Research, there has been a huge fall in the prices of shares of Adani Group.
At the close of trading on the first day of the week, shares of six out of ten Adani group companies closed in losses. Adani Transmission’s stock fell 10 per cent, while Adani Total Gas, Adani Power, Adani Green Energy and Adani Wilmar hit the lower circuit with a fall of five per cent each.
Shares of Adani Enterprises, the group’s flagship company, closed down marginally by 0.74 per cent. Although its share had come down 9.50 percent in the initial trade, but later the buying returned in the stock, due to which there has been an improvement in the stock. Four companies of the group registered gains even in the midst of a declining trend. Among these, Adani Ports and SEZ Limited gained 9.46 percent. Ambuja Cement gained 1.54 per cent, ACC 2.24 per cent and NDTV 1.37 per cent.
Manish Chowdhary, head of research at Stocksbox, said that in the last nine trading days, the market capitalization of all the group companies has fallen by Rs 9.5 lakh crore, or about 49 per cent. He said that the arrival of the Hindenburg report and the withdrawal of the FPO have adversely affected the business sentiment.
In a report by US-based ‘short seller’ firm Hindenburg Research, the Adani group was accused of manipulation of share prices. Since then, the process of decline in the shares of group companies started. However, the Adani group has denied these allegations as false, saying that it has been complying with all laws and disclosure requirements.
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