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Adani Enterprises tumbles 20%, its 1-year low on BSE

February 03, 2023 12:33 IST

Shares of Adani Group firms continued to remain weak for the seventh day running on Friday amid a host of negative events surrounding the companies.

Gautam Adani

Photograph: Amir Cohen/Reuters

The stock of Adani Enterprises tumbled 20 per cent to Rs 1,173.55 -- its one-year low -- on the BSE.

Shares of Adani Ports tanked 10 per cent, Adani Transmission (10 per cent), Adani Green Energy (10 per cent), Adani Power (5 per cent), Adani Total Gas (5 per cent), Adani Wilmar (4.99 per cent), NDTV (4.98 per cent), ACC (4.24 per cent) and Ambuja Cements (3 per cent).

 

Many of the group firms hit their lower circuit limits during the morning trade.

Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.

Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

"The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO.

"Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction," the company said in a statement on Wednesday.

Adani Enterprises, the flagship company of Adani Group, had a lacklustre start to its FPO, with only 1 per cent subscription on the first day of the share sale.

The offer was opened for public subscription from January 27-31.

Meanwhile, the 30-share BSE benchmark Sensex traded 333.9 points or 0.56 per cent higher at 60,266.14.

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