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    Distress selling? Adani Ports nosedives to 2-year low, 2 other group firms hit 1-year low

    Synopsis

    It looked like a ‘Black Friday’ sale on Dalal Street as traders dumped Adani Group stocks relentlessly with many counters hitting multi-month and multi-year lows.

    Distress selling? Adani Ports nosedives to 2-year low, 2 other group firms hit 1-year lowReuters
    It looked like a ‘Black Friday’ sale on Dalal Street as traders dumped Adani Group stocks relentlessly with many counters hitting multi-month and multi-year lows.

    Adani Ports and Special Economic Zone slumped 18% and hit a nearly two-year low of Rs 606.20 on the NSE, extending its losing streak to the 6th straight session. This is the longest losing streak the stock has seen in a year.

    Adani Green Energy shares nosedived 20% and hit a 52-week low of Rs 1,486.25, while Adani Total Gas shares were locked in the 20% lower limit at Rs 2,928, which is the lowest in over three months.

    It looked like a ‘Black Friday’ sale on Dalal Street as traders dumped Adani Group stocks relentlessly with many counters hitting multi-month and multi-year lows.

    Adani Ports and Special Economic Zone slumped 18% and hit a nearly two-year low of Rs 606.20 on the NSE, extending its losing streak to the 6th straight session. This is the longest losing streak the stock has seen in a year.

    Adani Green Energy shares nosedived 20% and hit a 52-week low of Rs 1,486.25, while Adani Total Gas shares were locked in the 20% lower limit at Rs 2,928, which is the lowest in over three months.

    Shares of the recently-acquired companies – ACC and Ambuja Cements -- also bore the brunt of selling. While shares of ACC dropped 15% to a 21-month low of Rs 1,842, those of Ambuja Cements declined 20% to a 6-month low of Rs 368.20.

    Adani Enterprises, whose follow-on public offer (FPO) is ongoing, saw its shares plunge about 10% to a 5-month low of Rs 3,050.05.

    Despite the selloff, the FPO has gained some traction in the retail category. As of 12:25 PM, the retail category received bids for 182,576 shares, against 229,08,464 shares reserved for the category.

    The panic selloff has been triggered by the negative report of US-based Hindenburg Research, that alleged corporate misgovernance, stock price manipulation and high leverage of the group.

    The diversified conglomerate, led by Gautam Adani has threatened the American short-seller Hindenburg Research with remedial and punitive action in both US and Indian courts.

    Describing Hindenburg's report as maliciously mischievous and unresearched, the company said it is deeply disturbed by this intentional and reckless attempt by a foreign entity to mislead the investor community and the general public, undermine the goodwill and reputation of the Adani Group and its leaders, and sabotage Adani Enterprises’ FPO.

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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