Shares of Adani Total Gas fell 5% in early trade today amid a rout in Adani Group stocks. With today’s fall, Adani Total Gas stock has lost 58.5% in nine sessions. Adani Total Gas stock was the top loser on the BSE oil and gas index. Adani Total Gas stock lost 5% intraday to Rs 1625.95 against the previous close of Rs 1711.50 on BSE. The stock opened 5% lower today.
Adani Total Gas stock is trading lower than the 5-day, 20-day, 50-day, 100 day and 200-day moving averages. However, it has lost 12.29 percent in a year and fell 56 per cent in 2022. Market cap of the firm fell to Rs 1.78 lakh crore on BSE.
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A total of 2,623 shares of the firm changed hands, amounting to a turnover of Rs 42.64 lakh on BSE.
Meanwhile, in a negative development for the Adani Group, S&P Dow Jones Indices said it would exclude Adani Enterprises from widely used sustainability indices with effect from February 7.
Subsequently, shares of Adani Enterprises crashed 35% per cent intraday to Rs 1,017 in early trade today. Other group stocks too declined, after NSE decided to place Adani Ports & SEZ and Ambuja Cements, along with Adani Enterprises, under additional surveillance measures framework.
On February 1, Swiss lender Credit Suisse’s private banking arm 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, a Bloomberg report said.
The report also said 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.
Subsequently, Adani Enterprises stock crashed 35 percent intraday on February 1. Other group stocks followed suit.
After market hours on February 1, the flagship firm of Adani Group called off its Rs 20,000-crore follow-on public offer (FPO) and said money would be returned to investors.
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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