Morning trade sees a decline in Adani Group shares, while Adani Enterprises drops by more than 4%
In early trade on Monday, shares of the Adani group of companies fell, with the flagship company Adani Enterprises plummeting more than 4% after credit rating agency Moody's changed the rating outlook for four of the conglomerate's subsidiaries from "stable" to "negative."
Adani Enterprises' stock on the BSE fell in early trade by 4.32 percent to Rs 1,767.60 per share, while shares of Adani Ports and Economic Zone fell by 2.56 percent to Rs 568.90 each. A few of the group companies reached their lower pricing ranges as well.
Shares of Adani Power fell to Rs 156.10, Adani Transmission to Rs 1,126.85, and Adani Green Energy to Rs 687.75 during the morning session on the stock exchange, and Adani Total Gas to Rs 1,195.35 per share. These scrips all experienced a 5% drop.
Ambuja Cements' stock down 3.34 percent to Rs 349, Adani Wilmar's dropped 3.31 percent to Rs 421.65, NDTV sank 2.25 percent to Rs 203.95, and ACC dropped 1.49 percent to Rs 1,853 on the BSE, respectively.
The 30-share BSE Sensex was down 393.56 points, or 0.65 percent, at 60,289.14 points during the morning session. Moody's Investor Service announced on Friday that it had changed the rating outlook for four Adani Group firms from stable to negative as a result of a sharp and quick decrease in market value following a disclosure by a short seller located in the US Hindenburg Analysis.
In comparison to January 24, when activist short-seller Hindenburg Research, located in the US, issued a long list of claims against the Gautam Adani-led group, including illegal transactions and share price manipulation, the aggregate market cap of the group companies is down 51%.