Adani Green Energy, Adani Transmission and Adani Total Gas are among stocks that require a rally of up to 400 per cent to revisit their 52-week highs, to a rout in Adani group shares that dragged fortunes of Gautam Adani — once the world’s second richest — below the $50 billion level.
Shares of Adani Green Energy hit a low of Rs 597.50 in Monday’s trade. At this price, the stock needed a 410 per cent rally to revisit its 52-week high of Rs 3,048 hit on April 19, 2022. This is against the BSE Sensex, which just need 4.3 per cent rise to revisit 63,583.07, its all-time high.
In the case of Adani Transmission, Monday’s low of Rs 875.05 meant the stock required a 384 per cent jump to revisit its 52-week high of Rs 4,238.55 hit on September 16, 2022.
Adani Total Gas, which has been battered badly, required a 332 per cent jump from Rs 925.10 level to hit its January 23 high of Rs 3,998.35.
Adani group’s flagship Adani Enterprises required a 157 per cent rally to hit its 52-week high of Rs 4,189.55 from Monday’s low of Rs 1,630.25 level. Adani Power and Adani Wilmar needed 173 per cent and 100 per cent rally, respectively, to revisit their one-year high levels.
Adani Ports, which did not rally much earlier, needed 75 per cent jump from Rs 565.55 level ti revisit its Rs 987.90 levels.
Data showed mutual funds reduced stakes in a few of Adani group stocks in January, the month the Adani group rout kicked off. In the case of Adani Enterprises, mutual funds cut their holdings to 1,16,54,223 shares or 1.02 per cent as on January 31 from Rs 1,32,12,030 shares or 1.16 per cent as of December 31.
In Adani Transmission, MFs held 14,97,398 shares in January against 15,08,510 shares in December. In Adani Green Energy, domestic funds held 17,40,150 shares at January end against Rs 19,36,368 shares at December end. Also in Adani Transmission, mutual funds reduced holding to 14,02,169 shares from 15,25,061 shares.
Adani Ports & SEZ, Adani Power and Adani Wilmar were among Adani group stocks, which saw mutual fund buying in January.