Billionaire Gautam Adani-led Adani Group stocks were all in red on Tuesday with an intra-day decline of up to 8 per cent in case of Adani Green and Adani Transmission amid a very volatile stock market session.
On Tuesday, Indian shares ended lower for a third straight session, hit by sharp losses in metal and energy stocks, while investors stayed on the edge over rate hike and economic slowdown worries.
The NSE Nifty 50 index closed down 0.38 per cent at 16,240.05, while the S&P BSE Sensex fell 0.19 per cent to 54,364.85. Nifty’s metal and energy sub-indexes were among the top drags, plunging 5.2 per cent and 4 per cent, respectively.
Moreover, the Indian rupee was hovering near record lows at 77.37 against the US dollar at closing.
In case of Adani Group stocks, Adani Power Ltd closed 4.99 per cent lower at Rs 267.60 apiece on BSE, Adani Total Gas Ltd -0.47 per cent at Rs 2,351.35, Adani Green Energy Ltd -8.17 per cent at Rs 2,486.80, Adani Transmission Ltd -8.14 per cent at Rs 2,475.10, Adani Ports and SEZ -2.65 per cent at Rs 771.30 and Adani Enterprises Ltd dropped 3.98 per cent at Rs 2,110.45.
The company’s recently-listed stock Adani Wilmar Ltd hit a lower circuit of 5 per cent for the fifth straight session to end at Rs 583.25 apiece on BSE as investors continued to book profit from a record high in late April.
Last month, the Adani Group became India’s third conglomerate to cross $200 billion in market capitalisation. Analysts had said that stock prices of Adani Group firms surged after they expanded and diversified into multiple businesses leading to earnings visibility in the future.
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