Latest News
-
Black Friday For Market? Sensex & Nifty Decline For The 5th Straight Day Amidst Rising Geopolitical Tensions -
Rupee Falls To Record Low Against US Dollar As Israel Strikes Iran -
Adani Ports: Why Adani Group's Cash-Cow Stock Falls Amid Israel-Iran Conflict? Explained! -
Iran-Israel War: How It Impacts Nifty, Sensex And Indian Rupee -
Rs 5/Share Dividend: Record Date In Due Course; Buy The Capital Goods Stock? -
Stocks To Buy: 2 Trade Calls By Chandan Taparia of Motilal Oswal On Friday, 19 April -
New Rules Mandate Aadhaar For Small Savings Schemes -
Trade Setup: Nifty Slides Below 22,000 Mark; Global Markets Plunge On Reports Of Explosions In Iran -
JNK India IPO To Open On 23rd April: Check Price Band, Issue Size & More Details Here -
Banks Close As India Votes: Lok Sabha Elections Phase 1
Why Adani Group Shares Came Crashing Down Sharply In Trade Today?
A darling of investors in the last few quarters, shares of Adani Group companies including the big names like Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Transmission, Adani Green Energy and Adani Total Gas dropped.
Some of them like Adani Enterprises, were locked at the lower end of the circuit filter in trade today.
According to a report in the Economic Times accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together own over Rs 43,500 crore worth of shares in four Adani group Companies were frozen on or before May 31, as per the depository's website.
At the time of writing this copy, there was no confirmation or clarification either from NSDL or from the Adani Group.
"The freeze on the three accounts could be because of insufficient disclosure of information regarding beneficial ownership under the Prevention of Money Laundering Act (PMLA)," the report mentioned.
How Adani group shares have fared?
| Name of company | Current market price | 52-week low | 52-week high |
|---|---|---|---|
| Adani Enterprises | Rs 1,349 | Rs 141 | Rs 1,717 |
| Adani Ports | Rs 721 | Rs 298 | Rs 901 |
| Adani Green Energy | Rs 1,160 | Rs 305 | Rs 1,390 |
| Adani Total | Rs 1,544 | Rs 126 | Rs 1,679 |
| Adani Transmission | Rs 1,522 | Rs 189 | Rs1,644 |
Some of the stock in the group have jumped 10 times in the last 1 year from 52-week lows. Adani Total had a 52-week low of Rs 126 and is currently trading at 1,544, a more than 10 times jump. Similar is the case with Adani Transmission. These stocks have been a favorite and catapulted Gautam Adani among the very top richest persons in the country.
So far there is no clarification from NSDL as to what is happening. The concerned Foreign Portfolio Investors too have not said anything. In the meantime, shareholder wealth has been eroded significantly and one has to wait and see as to what is happening. To buy the shares now would be risky.
