Adani Hindenburg Row: Following the Finance Ministry’s statement to the Lok Sabha on Monday that the volatility in the stocks of the Adani Group had no “significant” impact at the systemic level, shares of the Adani Group, including Adani Enterprises Ltd, Adani Ports and Special Economic Zone, Adani Power Ltd, Adani Green Energy, Adani Wilmar Ltd, and others, will be in the spotlight in today’s trading. Additionally, it stated that SEBI was looking into the claims of market manipulation made against these corporations. Shares of Adani Transmission, Adani Total Gas, Adani Power, and Adani Green Energy finished the previous session in the black. In the end, other group stocks lost money.
Adani Enterprises’ stock price fluctuates, trades above 20-day moving average
On March 13, shares of Adani Enterprises’ flagship company fell 1.20% to Rs 1873.60 from its previous close on the BSE of Rs 1896.45. The price of the stock fluctuated, reaching an intraday high of Rs 1985 (up 4.67%) and a low of Rs 1855.8 (down 2.14%) in the last trading session. Before, the stock’s BSE opening price was higher at Rs 1902. It’s been a while since I’ve been here. Shares of Adani Enterprises are trading above their 20-day moving averages, but below their 5-, 50-, 100-, and 200-day moving averages. The stock has decreased by 51.45% so far this year. The stock price of Adani Enterprises has increased 8.08% in a year.
Adani Total Gas, Adani Power, and Adani Green Energy shares rise during trading
Adani Ports’ stock decreased 2.92% during the day to Rs. 677.5 on the BSE. Eventually, the shares decreased 2.42% from its previous price of Rs 697.85 to settle at Rs 680.95. The port operator’s market value decreased to Rs 1.47 lakh billion. Although it is lower than the 5 day, 100 day, and 200 day moving averages, it is higher than the 20 day and 50 day moving averages. On the BSE, the price of Adani Wilmar stock dropped to an intraday low of Rs 432. The shares eventually closed at Rs 435.40, down 3.95 percent. The company’s market value decreased to Rs 56,588 crore.
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Adani stocks increased
Adani Total Gas Ltd.’s stock also increased 5% during the day to Rs 997.65 on the Market. Subsequently, the stock finished at the same price as when it had opened, which was Rs 950.15. The company’s market value increased to Rs. 1.09 lakh crore. Compared to the previous closing of Rs 205.25, the Adani Power shares closed the day 5% higher at Rs 215.50. In the previous session, the stock opened up 4.63% at Rs 214.75. In the past nine days, the stock has increased 54.48%. Adani Green Energy’s stock increased 5% at the close from Rs 683.05. to Rs 717.20. The stock gained 5% at the opening and spent the prior session trapped in the upper circuit.
Adani Group sees market capitalization loss of almost 60%
In response to the research released by Hindenburg Research, the nine listed firms of the Adani Group experienced a market capitalization loss of almost 60% from January 24, 2023, to March 1, 2023, according to Minister of State for Finance Pankaj Chaudhary. “The volatility in these companies’ stock prices hasn’t had a material effect on the systemic level. The Nifty 50 fell by roughly 4.5% during that time, he noted.
SEBI has a responsibility to provide regulatory frameworks for the development
According to him, SEBI has a responsibility to provide regulatory frameworks for the development and stable operation of the securities markets, including investor protection. “In accordance with its mandate, it looks into any claims that a market entity has violated its regulations. Hence, it is looking into the claims made in the market about the Adani Group of Companies, Chaudhary continued.
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