Adani group stocks end on mixed note

Its market valuation declined by Rs 6,458.11 crore to Rs 2.16 lakh crore. NDTV tanked 4.90 per cent to settle at Rs 233.75, Adani Wilmar nosedived 4.47 per cent to close at Rs 453.30, and Ambuja Cements declined 1.66 per cent to end at Rs 378.35. ACC fell 0.70 per cent to close at Rs 1,847.15.

New Delhi: Adani group stocks ended on a mixed note on Friday amid a volatile trend in the equity markets. "Post the GQG deal in four Adani stocks, the share prices of the group companies have mostly risen well. Worries on margin calls related selling have ebbed as promoters have used the sale proceeds to meet the margin calls," said Deepak Jasani, Head of Retail Research at HDFC Securities.

The stock of Adani Enterprises fell 2.90 per cent to close at Rs 1,896.45 on BSE. Its market valuation declined by Rs 6,458.11 crore to Rs 2.16 lakh crore. NDTV tanked 4.90 per cent to settle at Rs 233.75, Adani Wilmar nosedived 4.47 per cent to close at Rs 453.30, and Ambuja Cements declined 1.66 per cent to end at Rs 378.35. ACC fell 0.70 per cent to close at Rs 1,847.15.

On the other hand, Adani Transmission settled at Rs 903.85, Adani Green Energy at Rs 683.05 and Adani Total Gas at Rs 950.15. Shares of these firms climbed 5 per cent each and hit their upper price bands. In addition, Adani Power jumped 4.69 per cent to end at Rs 205.25 and Adani Ports and Special Economic Zone (APSEZ) gained 0.09 per cent to close at Rs 697.85 on BSE.

"The Adani Group stocks (including Ambuja, ACC and NDTV) have recovered around Rs 1.7 lakh crore or about 23 per cent of their combined market cap since 1 March till today," Manish Chowdhury, Head of Research at Stoxbox, said. In a volatile trade, the 30-share BSE Sensex plunged 671.15 points or 1.12 per cent to close at 59,135.13. The NSE Nifty fell 176.70 points to settle at 17,412.90 points.

On Thursday, shares of six Adani Group firms out of ten listed entities ended in positive territory amid an overall weak trend in the equity markets. More shares belonging to companies of the embattled Adani Group on Thursday have been pledged as security for loans taken by the group's flagship firm, an SBICap Trustee in notices to stock exchanges said.

Further, 0.99 per cent shares in Adani Green Energy Ltd were pledged "for the benefits of the lenders" of Adani Enterprises Ltd. An additional 0.76 per cent shares in Adani Transmission Ltd were also pledged to banks, it added. SBICap, which is a unit of State Bank of India (SBI), however, did not give details of the loans taken by Adani Enterprises for which the pledge was created.

The pledge was created a day after Adani group on March 7 said it has repaid Rs 7,374 crore loans that were taken pledging shares in four group companies in an attempt to allay investor concerns over leverage and debt. After taking a beating on the bourses following the report by US-based short seller Hindenburg Research, the group stocks have recovered significantly in the last few trading sessions.

The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. (PTI)