Adani Enterprises had a shaky start, falling from Rs 1,597.95 to Rs 1,433.60, or a 9.50% decline from its previous close. Later, it was down 6.54 percent and trading at Rs 1480.65 on the BSE
New Delhi: As investors continue to sell their holdings, shares of Adani Group companies fell even lower on the stock exchanges, with Adani Enterprises seeing a drop of 9.50%.
Adani Enterprises had a shaky start, falling from Rs 1,597.95 to Rs 1,433.60, or a 9.50% decline from its previous close. Later, it was down 6.54 percent and trading at Rs 1480.65 on the BSE.
Adani Transmission fell 10%, while shares of Adani Total Gas, Adani Power, Adani Green Energy, and Adani Wilmar were each trading 5% down on the BSE.
Adani Ports and Special Economic Zone, meanwhile, went up 0.53 percent to Rs 501.50 in trade.
In addition, shares of other Adani Group companies declined, including Ambuja Cements, which lost 3.28 percent, ACC, which fell 0.82 percent, and NDTV, which sank 4.98 percent.
After activist short-seller Hindenburg Research, located in the US, published a long list of accusations against the Gautam Adani-led business, including illegal transactions and share price manipulation, shares of the Adani group have fallen significantly on the exchanges.
The Adani Group has denied the accusations, claiming that it abides by all legal and transparency obligations.
Sebi, the market regulator, stated on Saturday that it is dedicated to upholding the integrity of the stock market and that the required monitoring procedures have been put in place to manage any excessive volatility in certain shares.
The Reserve Bank stated on Friday that the lenders are always under watch and that India’s banking industry is resilient and stable.
The Sensex and Nifty equity benchmark indexes were trading in the red.
In the first trades, the 30-share BSE index was down 439.19 points, or 0.72 percent, at 60,402.69 points. Similar to this, the larger NSE Nifty fell 17,713.25 points, or 140.80 points, or 0.79 percent.
