Shares of Adani Group such as Adani Enterprises Ltd, Adani Ports and Special Economic Zone, Adani Power Ltd, Adani Green Energy, Adani Wilmar Ltd and others will be in focus in trade today after the Finance Ministry, on Monday, told Lok Sabha that volatility in stocks of Adani Group had no “significant” impact at the systemic level. It also said SEBI was investigating the allegations of market manipulation against these companies.
In the previous session, shares of Adani Transmission, Adani Total Gas, Adani Power and Adani Green Energy ended in the green. Other group stocks ended in the red.
Shares of flagship firm Adani Enterprises slipped 1.20% to Rs 1873.60 on March 13 against the previous close of Rs 1896.45 on BSE. The stock saw bouts of volatility as it hit an intraday high of Rs 1985, rising 4.67% and fell to an intraday low of Rs 1855.8, losing 2.14% in the previous session.
Earlier, the stock opened higher at Rs 1902 on BSE. The stock has been falling for the last three sessions. Adani Enterprises shares stand higher than the 20 day moving averages but lower than the 5 day, 50 day, 100 day and 200 day moving averages. The stock is down 51.45 per cent this year. In a year, the Adani Enterprises stock has gained 8.08%.
Stock of Adani Ports fell 2.92% intraday to Rs 677.5 on BSE. Later, the stock closed at Rs680.95, down 2.42% against the previous close of Rs 697.85 in the previous session. Market cap of the port operator fell to Rs 1.47 lakh crore. It stands higher than the 20 day and 50 day moving averages but lower than 5 day, 100 day and 200 day moving averages
Adani Wilmar stock hit an intraday low of Rs 432, down 4.7% on BSE. Later, the stock ended 3.95 per cent lower at Rs 435.40. Market cap of the firm fell to Rs 56,588 crore.
On the other hand, stock of Adani Transmission rose 5% intraday to Rs 949 on BSE. Later, the stock closed at the same level against the previous close of Rs 903.85. Market cap of the firm rose to Rs 1.05 lakh crore. It was stuck in the upper circuit of 5% through the session.
Stock of Adani Total Gas Ltd too rose 5% intraday to Rs 997.65 on BSE. Later, the stock closed at the same level against the previous close of Rs 950.15. Market cap of the firm rose to Rs 1.09 lakh crore.
The stock of Adani Power ended 5% higher at Rs 215.50 against the previous close of Rs 205.25. The stock opened with a gain of 4.63% at Rs 214.75 in the previous session. The stock has gained 54.48% in the last 9 days.
The stock of Adani Green Energy ended 5% higher at Rs 717.20 against the previous close of Rs 683.05. The stock opened with a gain of 5% and was stuck in the upper circuit in the previous session. The stock has gained 55.09% in the last 9 days.
Minister of State for Finance Pankaj Chaudhary said in Lok Sabha that the nine listed companies of Adani Group saw a decline of around 60 per cent of market capitalisation from January 24, 2023, till March 01, 2023 subsequent to the report published by Hindenburg Research. “The volatility in the stocks of these companies has not had any significant impact at the systemic level. Nifty 50 declined by around 4.5 per cent during the same period,” he said.
As a regulator of securities markets, SEBI is mandated to put in place regulatory frameworks for effecting stable operations and development of the securities markets, including the protection of investors, he said. “As per its mandate, it investigates into any alleged violations of its Regulations by any market entity. It is, accordingly, undertaking investigation into the market allegations against the Adani Group of companies,” Chaudhary added.
Also read: YES Bank, Tech Mahindra, Tata Consumer: How should you trade these stocks amid weak markets
Also read: Astral shares turn ex-bonus today; HUDCO board to consider dividend