Shares of Adani Ports and Special Economic Zone (Adani Ports) opened sharply lower on Thursday, hitting lower circuit at opened as its marketcap slipped below Rs 1 lakh crore mark. However, the bluechip counter of Adani Group made a decent recovery as the stock recovered sharply.
Adani Ports’ shares gyrated in the range of 20 per cent for the day and hits its new 52-week low at Rs 423, after losing 14 per cent from its previous close. Its overall marketcap hit lows of Rs 91,373.88 crore. Interestingly the stock has opened higher and hit Rs 519 early in the session.
Shares of Adani Ports have plunged 31 per cent in just two sessions as the stock had settled at Rs 623 on Monday, January 31. The stock is down 40 per cent in last one week, whereas it has lost 48 per cent of its value in the last one month. The stock has wiped out more than 57 per cent of value from its 52-week high at Rs 987.8 on September 20, 2022.
Earlier today, Bloomberg reported that Citigroup Inc’s wealth arm has stopped accepting Adani Group securities as collateral for margin loans. This comes as banks ramp up scrutiny of the Gautam Adani-led conglomerate’s finances following the Hindenburg report that accused the group of stock manipulation and accounting fraud.
In his statement, Gautam Adani, Founder and Chairman of Adani group, on Thursday said that the fundamentals of our company are very strong. Our balance sheet is healthy and assets robust. Adani said his group will continue to focus on a long-term value creation and growth, managed by internal accruals.
On the other hand, Adani Ports and Special Economic Zone has successfully concluded the acquisition of Oiltanking India GmbH’s 49.38 per cent equity stake in Indian Oiltanking (IOTL), which is one of India’s largest developer and operator of liquid storage facilities, the company said on Wednesday in an exchange filing.
The company board of Adani Ports will meet on February 7, Tuesday to consider and approve the results for the period ended on December 31, 2022, the company said in a separate exchange filing.
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