Shares of Gautam Adani-led Adani Group companies extended fall for the second consecutive day on Friday following the indictment of the billionaire tycoon and others in an alleged bribery and fraud scheme in a U.S. federal court. The fall comes a day after shares of 10 listed companies of Adani saw a major rout, wiping around $27 billion from its overall group market cap in just one day. However, in line with today's market -- with Sensex trading 4.3% up and Nifty 0.52% higher -- the Adani stocks recovered marginally but are still trading in negative.
Seven of the 10 listed Adani group entities opened in red today, with shares down up to 6.68% (BSE data till 10.30 AM). The top loser among the group stock was Adani Energy Solutions Ltd, which was trading 6.68% lower (10.30 AM, Friday) on the BSE. Flagship company Adani Enterprises Ltd shares continued to trade in negative, though they recovered from yesterday's freefall and are trading 3% lower at ₹2,116 today. Adani Green Energy shares are down 6.40% at ₹1,073 on the BSE after recording around 15-18% fall in yesterday's trade, taking its m-cap down to ₹78,215 crore.
Shares of electricity arm Adani Power Ltd are also trading down at 2.33% since yesterday's closing price of ₹476.15 on the BSE. LPG and CNG supplier Adani Total Gas is trading 1.78% down at ₹591.60 on the BSE, lower than yesterday's closing price of ₹602.35. Cement companies -- ACC and Ambuja Cement -- both are faring better by trading in the positive territory. While ACC shares are up 3.18%, Ambuja trades 2.40% higher at ₹496 on the BSE.
Edible oil major Adani Wilmar Ltd shares are currently trading 2.75% down at ₹286.35 compared to yesterday's closing prices of ₹294.45 on the BSE. Port and allied services major Adani Ports and Special Economic Zone Ltd shares traded 3.07% down at ₹1,080.50 on the BSE, taking its m-cap down to ₹2.33 lakh crore. The TV broadcasting & software production arm of the Adani Group, NDTV, has also seen positive momentum as its shares trade 0.15% higher at ₹168.50 on the BSE.
Adani has been indicted in a federal court in Brooklyn, New York, for allegedly bribing Indian government officials with over $250 million to secure lucrative solar energy contracts worth billions of dollars. Following this development, Adani Group has reportedly cancelled its $600 million bond offering, which dragged down its U.S. dollar bonds in Asian trading.
The sentiment was further dented amid a report that U.S.-based investment firm GQG Partners, which is a significant investor in Adani group companies, may review its portfolio exposure to the power-to-port conglomerate. The Rajiv Jain-led firm has infused around ₹80,000 crore in Adani Group companies, including Adani Ports, Adani Green Energy, and Adani Enterprises. It was among the first foreign equity firm to invest in the company post-Hindenburg Research’s allegations in January last year.
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