In a startling turn of events, Adani Group stocks witnessed a sharp decline on March 13, with losses of up to 13 percent across all 10 counters. This downturn resulted in a staggering erosion of approximately ₹90,000 crore in combined market capitalization by midday, sending shockwaves through the investment community.
Adani Green Energy Takes the Biggest Hit: Among the various entities within the Adani Group, Adani Green Energy bore the brunt of the decline, experiencing a massive 13 percent drop to ₹1,650 per share on the NSE. This represents the most substantial single-day decline for Adani Green Energy in the year 2024 thus far.
Performance of Other Adani Group Stocks: The decline was widespread across the group’s portfolio, with Adani Enterprises and Adani Ports & SEZ trading with losses of 5.5 percent and 5.3 percent, respectively. Adani Energy Solutions, Adani Power, Adani Total Gas, NDTV, and Adani Wilmar also saw declines ranging between 4 and 7 percent.
A Continued Downtrend: This marked the seventh consecutive day of losses for Adani Enterprises, which had been trading nearly 100 percent higher from its 52-week low of ₹1,573.
Significant Market-Cap Erosion: With the substantial drop witnessed on this day, Adani Group stocks have collectively shed ₹90,000 crore in market capitalization, amounting to approximately 5.7 percent of the group’s overall market cap of nearly ₹15.85 lakh crore as of the preceding Tuesday.
Analyst Recommendations Amidst the Turmoil: Despite the downturn, some brokerage firms have maintained a positive outlook on certain Adani Group entities. HSBC and Motilal Oswal raised target prices on Adani Ports, reiterating their “buy” calls based on optimistic cargo volume data for the fiscal year. Similarly, Jefferies initiated coverage on Adani Enterprises with a “buy” recommendation and projected substantial growth in EBITDA by FY26, setting a target price of ₹3,800 on the stock.
As investors navigate through this period of volatility, the future trajectory of Adani Group stocks remains uncertain, with market sentiment heavily influenced by both internal and external factors.
