Adani Group Faces Steep Decline in Stock Prices as Market Selloff Intensifies

Adani Group stocks witnessed a significant downturn as the broader market experienced a heavy selloff during Wednesday’s trading session. The conglomerate, led by Gautam Adani, saw many of its listed entities plummeting by up to 13% with some hitting lower circuit levels.

Among the leading losers from the Adani Group was Adani Green Energy Ltd, which tumbled 13.36% to Rs 1,645 on Wednesday. Adani Enterprises Ltd, the group’s flagship company, also faced a decline of 8.62% to Rs 2,851.50. Adani Ports and Special Economic Zone Ltd witnessed a drop of about 8.6% to Rs 1188.60.

Other cash market counters such as Adani Total Gas, Adani Energy Solutions, Adani Wilmar Ltd, and Adani Power were also affected by the selloff. Entities acquired by Adani Group, including ACC and Ambuja Cements, saw their stock prices decline as well. News channel NDTV also experienced a significant drop in its share price.

Several Adani Group companies have been facing losses for the seventh consecutive session, with an overall loss of about Rs 1 lakh crore in market capitalization across all listed entities. The downward trend in Adani Group stocks comes after a period of significant growth following the release of a critical report by Hindenburg Research.

In terms of specific recommendations, Ventura Securities has shown positive sentiment towards Adani Energy Solutions, advising investors to consider buying the dips in Adani Enterprises and Adani Ports. With the overall market facing volatility, investors are urged to approach Adani Group stocks cautiously and seek advice from financial experts.