The first trading day of the new financial year 2023-24 has proved disappointing for Adani Group stocks. Out of 10 shares of the group listed on the stock exchange, 8 closed with a decline. While the shares of both the cement company ACC and Ambuja Cement closed sharply.
Shares of Adani Group’s flagship company Adani Enterprises fell 1.89 per cent to Rs 1717, Adani Green Energy fell 4.96 per cent to Rs 837.45, Adani Ports fell 0.65 per cent, Adani Power fell 0.55 per cent to Rs 190.55 in Monday’s trading session.
Adani Total Gas declined by 2.58 percent
With 2.58 per cent, Adani Wilmar fell 2.50 per cent to Rs 395.70 and NDTV fell 2.87 per cent to Rs 186. After a fall of 5 per cent in the stock of Adani Transmission, lower circuit took place and the stock closed at Rs 943.
Shares of both the cement companies of Adani Group closed sharply. ACC closed at Rs 1709 with a gain of 2.51 per cent and Ambuja Cement closed at Rs 375 with a gain of 2.53 per cent.
Why did Adani stocks fall?
This fall in the shares has come after the news of investigation in the stocks of Adani Group by the stock market regulator SEBI came to the fore. SEBI is probing the matter of irregularity and violation of regulatory rules in third party transactions. According to Reuters, SEBI is probing the transactions of group companies with three offshore companies linked to Adani Group Chairman Gautam Adani’s brother Vinod Ambani.
After the Hindenburg Research report came out, there was a big decline in the stocks of Adani Group. But after US-based GQG Partners bought stake in group companies for Rs 15,000 crore, the shares started recovering. But once again the stocks of Adani group are under pressure due to negative news.
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