The Adani Group had a bad day at the bourses as all 10 listed stocks of the conglomerate finished lower on Tuesday amid weakness in the overall market. Flagship company Adani Enterprises fell the most at 7.3 per cent, while five other group stocks hit their 5 per cent lower limits.
Adani Green Energy fell the least at 1.5 per cent. Overall, the ports-to-power conglomerate’s market value fell by Rs 44,296 crore to Rs 8.93 trillion. Analysts said that the latest fall was on account of profit-taking, following sharp gains posted by the group stocks over the past two weeks.
A day earlier, minister of state, finance, Pankaj Chaudhary, while responding to written questions in Lok Sabha, had said that the Securities and Exchange Board of India (Sebi) was looking into all the allegations made in the Hindenburg report against the group. The 10 group firm had added over Rs 2 trillion in market capitalisation in the past fortnight.
The gains were supported by GQG’s $1.9-billion equity investment in four group firms. The US-based investment firm bought the shares from Adani promoters, who used the funds to pay debtors with whom they had pledged shares.