Adani Power, Adani Green, Adani Total Gas: 7 Adani group stocks fall up to 52% from 52-week highs

By admin On Jan 27, 2023

Shares of Adani group firms have fallen up to 52 per cent over their 52-week highs, thanks a sharp erosion in their market values amid report by short seller Hindenburg Research. Hindenburg claimed that the Adani group was engaged into accounting frauds, stock manipulations and money laundering, while suggesting that it has gone short on Adani group stocks. It suggested, on a fundamental basis, the Adani group stocks should trade 85 per cent lower. That report hit Adani stocks hard.

Shares of Adani Transmission have fallen 52 per cent from their 52-week high of Rs 4,238.55 level hit on September 16, 2022. Adani Green, whose shares crashed 20 per cent in Friday’s trade, is down 51 per cent from its 52-week high of Rs 3,048, hit on April 19, 2022.

Shares of Adani Power have lost 46 per cent from their one-year high of Rs 432.80. This stock was down 5 per cent in Friday’s trade. Adani Total Gas, whose shares have fallen 20 per cent in Friday’s trade, is down 26.70 per cent from it 52-week high of Rs 3,998.35 hit on January 23.

Flagship Adani Enterprises, whose shares were down 10 per cent in Friday’s trade, lost 27 per cent from its 52-week high of Rs 4,189.55 made on December 21, 2022.

Adani Wilmar (down 42 per cent) and Adani Ports (down 38.65 per cent) have also fallen quite a bit from 52-week high levels.

Kotak Institutional Equities has upgraded its rating of Adani Ports & SEZ to ‘Buy’, citing favourable risk reward. This is even as the same brokerage has reduced its target price for the Adani group stock to Rs 860 from Rs 920 earlier.

Arihant Capital Markets said it felt valuations of Adani group stocks are at “rock bottom”. It sees Adani Ports at Rs 850 soon. If finds Adani Green worth Rs 1,610 and Adani Enterprises at Rs 3,200.

Also read: Adani Enterprises’ FPO opens today: Should you subscribe to the issue amid volatility?

Also read: Adani group debt: Here’s total exposure of PSU banks, private lenders in top 5 Adani firms