Adani Share Price: Adani Share stocks suffered losses, which have been battling the selloff since last week, failed to find support on Wednesday as well. Adani’s shares started trading on the third day of the week with a boom, but as the business progressed, all the shares went down. After the end of the business, most of the shares of Adani Group closed in losses.
The Adani Share stocks suffered losses, according to US- based short seller Hindenburg, was founded on weak foundational principles, with Gautam Adani allegedly pulling off one of the “biggest frauds in business history.”
Hindenburg’s 100-page report resurrected previous concerns about corporate governance at the Adani conglomerate and claimed to have proof that the business had participated in “brazen stock manipulation and accounting fraud scheme over the course of decades.”
Investors in Adani Group stocks collectively lost USD 1.7 billion (about Rs. 1.4 trillion) in wealth as a result of the publishing of the Hindenburg Report. Adani’s own wealth decreased as well. In the Bloomberg Billionaires Index, the second-ealthiest man in the world is now ranked 21.
6 out of 10 stocks suffered losses
After the end of Wednesday’s trading, 6 out of 10 shares of Adani Share stocks suffered losses remained in loss. The price of 3 shares remained almost at the previous level, while there was a slight increase in 1. However, it is a matter of relief that today no lower circuit was imposed on any share. Earlier on Tuesday, lower circuit was imposed on one stock while on Monday two shares were closed.
These 2 stocks suffered the most
The share of Adani Transmission was the biggest loser. Its price fell by about 1.50 percent. Adani transmission was showing lower circuit since two days. Adani Total Gas also closed down more than 1 percent. On Monday, the lower circuit was also imposed on the price of its shares. Both these stocks have lost about 10-10 per cent so far this week.
The price of these shares decreased
If we look at other loss-making companies, Adani Power also had to face a decline of about 1 per cent. The price of ACC Cement fell by more than 0.50 percent. Today, the flagship stock Adani Enterprises also fell. Similarly, a decline was also recorded in Adani Wilmar.
Requests for comment from Reuters were not immediately answered by TotalEnergies or Adani.
Adani Group was accused by Hindenburg Research of engaging in dishonest business practices and using tax havens in January, which caused the value of the company’s stock to drop by roughly $150 billion.
Only this stock gained momentum
Another energy stock of the group Adani Green remained stable today. Apart from this, Adani Ports and NDTV remained near the old level with a slight increase. Only Ambuja Cement registered some speed in its price.
Performance of all stocks:
| Company’s name |
Today’s closing price (on BSE, in Rs) |
Change (in %) |
| ndtv |
179.50 |
0.14 |
| Adani Enterprises |
1892.10 |
-0.16 |
| Adani Green |
902.20 |
0.00 |
| Adani Ports |
691.05 |
0.03 |
| Adani Power |
238.10 |
-0.85 |
| Adani Transmission |
889.00 |
-1.42 |
| Adani Wilmar |
388.95 |
-0.37 |
| Adani Total Gas |
836.10 |
-1.04 |
| acc |
1749.95 |
-0.60 |
| Ambuja Cement |
408.10 |
0.63 |
loss from last week
Earlier during the last week, market capitalization of 7 out of 10 listed companies of Adani Group saw a decline of Rs 3,782 crore due to volatility in prices. Among the companies that suffered losses in terms of market capitalisation, Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Total Gas and Adani Wilmar were also included. There was a decline in their market capitalization between Rs 507 crore and Rs 2,856 crore.
