Shares of Adani Total Gas on Wednesday extended their fall for the 12th straight session. The stock plunged 5 per cent today to hit an intraday low — also its 52-week low — of Rs 1,394.15 against a previous close of Rs 1,467.50. The scrip has lost 64.42 per cent in 12 days. Around 40,000 shares changed hands today on BSE, which was lower than the two-week average volume of 70,000 shares. Turnover on the counter stood at Rs 5.51 crore, commanding a market capitalisation (m-cap) of Rs 1,53,330.02 crore. There were 69,246 sell orders against buy orders of nil shares.
The stock today traded lower than 5-day, 20-, 50-, 100- and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 13.03. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 333.09.
Adani Total has an average target price of Rs 2,625, Trendlyne data showed, suggesting a potential upside of 88.71 per cent. The scrip has a one-year beta of 1.38, indicating high volatility.
Adani Total Gas is a joint venture between France’s energy major TotalEnergies and Adani Group. The company would declare its December quarter results tomorrow.
TotalEnergies, last week, said that Adani Group would hire one of the ‘big four’ (Deloitte, EY, KPMG, and PwC) accounting firms to carry out a general audit. The France-headquartered company has a 37.4 per cent stake in Adani Total Gas.
Seven out of the 10 listed Adani Group stocks settled higher today. Recently, Adani companies took a major hit after a US-based short seller Hindenburg Research alleged that the Indian conglomerate had engaged in stock manipulation and accounting fraud scheme over the last few decades. Adani Group, however, refuted the claim as baseless.
Adani Group promoters’ decision to prepay $1.1 billion of the share-backed facility ahead of its September 2024 maturity helped a majority of the conglomerate’s stocks to recover.
Also, JPMorgan’s statement on Adani Group saying they are still eligible for inclusion in its influential bond indices lifted investor confidence.
Meanwhile, Indian equity benchmarks rose sharply in today’s deals after the Reserve Bank of India (RBI) delivered a widely expected smaller interest rate hike of 25 basis points (bps), which took the key lending rate — repo rate — to 6.50 per cent. The 30-share BSE Sensex pack climbed 378 points or 0.63 per cent to settle at 60,664; while the broader NSE Nifty index moved 150 points or 0.85 per cent higher to close at 17,872.
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