Shares of Adani Group stocks sank up to 10 per cent, with stock price of the flagship firm Adani Enterprises bearing the brunt of the selling pressure. The Adani Group stocks had been major outperformers so far this calendar year, hence the current selling can be attibuted to profit-taking at these counters.
Adani Enterprises was down for the seventh straight trading session, having corrected over 20 per cent from its life-time high to a low of Rs 3,105 today. However, in the past three months, the stock has outperformed the market by surging 48 per cent, as against 8 per cent rise in the benchmark index. READ MORE
Adani Total Gas was the other major loser, the stock hit the 10 per cent lower limit at Rs 2,919, and was down 8 per cent at Rs 3,070. The stock too has shed over 23 per cent from its all-time peak of Rs 3,816 registered in August 2022.
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Adani Green has plunged 9 per cent to Rs 2,057. The stock trades a solid 32 per cent lower compared to its summit of Rs 3,050 recorded in April 2022.
Adani Wilmar was locked at the 5 per cent lower limit at Rs 717.55 on the BSE. The counter so far has seen trades of around 3.93 lakh shares, with pending sell orders for nearly 33,000 shares. The stock has registered a peak at Rs 841.70 last month, and since then has declined nearly 15 per cent.
Adani Power too was locked at the 5 per cent lower circuit at Rs 355, with pending sell orders for over 15,000 shares on the BSE.
Adani Transmission had cracked 6.5 per cent at Rs 3,074. Adani Transmission and Adani Power were down up to 27 per cent and 19 per cent from their respective highs of Rs 4,237 and Rs 432.50.
Lastly, Adani Ports and Special Economic Zone was down 4.5 per cent at Rs 783 on trades of around 7.30 lakh shares. The stock was down as much as 20 per cent from its September peak of Rs 988.
Meanwhile, the S&P BSE Sensex was down 1 per cent at 56,841. The BSE benchmark had declined 6.3 per cent from its recent high in September. Overall, the benchmark index was down 7.5 per cent from its life-time high of 61,475 touched earlier this year.