Shares of Adani Green Energy fell up to 10% today amid a report that said Swiss lender Credit Suisse’s private banking arm has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd. It had previously offered a lending value of about 75% for the Adani Ports notes, the Bloomberg report added.
Adani Green Energy shares crashed 10% intraday to Rs 1,101.65 against the previous close of Rs 1224.05 on BSE. Earlier, the stock had gained 5.29% intraday to Rs 1288.75 on BSE. It lost 14.51% intraday from the high point of the day. Later, the Adani Green Energy stock closed 5.78% lower at Rs 1153.35 on BSE.
The large cap stock has lost 39% in 2023 and fallen 40.31 % in a year. Adani Green Energy stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Check Share Price Live: Adani Green Energy
Abhijeet from Tips2trade said, “Like other Adani group stocks, Adani Green as well continues its brutal slide with support now at Rs 1080. A daily close below this level could lead to Rs 875 on the daily charts. Strong resistance will now be at Rs 1285.”
The Adani Group firm’s market capitalisation fell to Rs 1.82 lakh crore on BSE. A total of 5.36 lakh shares of Adani Green Energy changed hands, amounting to a turnover of Rs 62.62 crore.
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Adani Ports too saw profit-booking in the final hours of trading as investors booked profit from the peak of Budget rally. The selloff started after the Bloomberg report stated that Credit Suisse’s private bank has stopped accepting bonds of Gautam Adani’s group of companies as collateral for margin loans to its private banking clients.
Adani Ports and Special Economic Zone share touched a fresh 52 week low of Rs 459.60, falling 25% against the previous close of Rs 612.80 on BSE.
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Similarly, Adani Enterprises stock nosedived 34.72 per cent to hit the day’s low of Rs 1,942 against a previous close of Rs 2,975, just shy of its lower circuit of Rs 1,933.75. The scrip eventually settled 28.45 per cent lower at Rs 2,128.70.
Check Share Price Live: Adani Ports
In late January, a report by Hindenburg Research alleged accounting frauds, stock manipulations and money laundering by the Adani Group.
The Group called Hindenburg report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors. But Billionaire investor William Ackman in a tweet said he found short-seller Hindenburg Research’s report on Adani Group “highly credible and extremely well researched.”
Adani Group had said that the timing of the Hindenburg report’s publication clearly betrays a brazen, mala fide intention to undermine the group’s reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which is the biggest FPO ever in India.
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