Market Downturn: Adani Group Faces Widespread Stock Decline with All 10 Shares in the Red

In a notable turn of events, all ten stocks affiliated with the Adani Group, including Adani Power Ltd, Adani Enterprises Ltd, Adani Energy Solutions Ltd, Adani Total Gas Ltd, and Adani Green Energy Ltd, experienced a dip in Wednesday’s trading session. This decline comes against the backdrop of a broader market weakness, with the BSE benchmark Sensex witnessing a 529.02-point, or 0.72 per cent, drop.

As of 1.50 pm, Adani Enterprises shares were down 2.13 per cent at Rs 3,230 on the BSE. Despite recent coverage initiation by Jefferies with a ‘Buy’ rating and a target price of Rs 3,800, indicating attractiveness as a play on the capex cycle theme, the stock faced a decline. Jefferies projected a significant growth in Adani Enterprises’ Ebitda, doubling from FY23 to FY26 and tripling by FY28.

Adani Ports & SEZ experienced a 1.59 per cent drop to Rs 1,308.30. Despite a hopeful outlook from the Adani Ports management for improved market share and network effects, marketmen have set price targets in the range of Rs 1,280-1,470 for the stock.

Adani Power faced a 2.27 per cent decline to Rs 553.80, while Adani Energy Solutions and Adani Green Energy shares slipped 2.89 per cent to Rs 1,089.45 and 2.39 per cent to Rs 1,932, respectively. Adani Total Gas Limited and Adani Wilmar also witnessed drops of 2.59 per cent to Rs 1,020.25 and 0.95 per cent at Rs 384.10, respectively.

Ventura Securities provided earning reviews on several Adani group companies earlier this month, maintaining a positive view on Adani Total Gas, Adani Energy Solutions, Adani Green Energy Ltd, and Adani Wilmar. Despite the market downturn, the brokerage expressed optimism, with price targets on three of the four stocks indicating potential upside.

In addition to the Adani group stocks, ACC, the cement maker affiliated with the Adani group, experienced a 3.3 per cent decline, while Ambuja Cements slipped 1.66 per cent, and NDTV fell 2.47 per cent.

Share this article
Shareable URL
Prev Post

Tata Capital Ventures into Global Markets, Targets $750 Million in Foreign Fundraising

Next Post

Platinum Industries IPO Sees Robust Demand, Subscribed 13.35 Times on Day 2

Read next
Whatsapp Join