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Adani Group Stocks Slide
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Last Updated: 5th June 2024 - 04:21 pm
Adani Group stocks, including heavyweights like Adani Enterprises, Adani Ports, Adani Energy Solutions, and Adani Green Energy, continued their downward spiral on Wednesday, extending losses from the previous session. The selling frenzy was triggered by the divergence between the actual Lok Sabha election results and the exit poll predictions that had initially buoyed the stocks.
Steep Declines Across the Board
The carnage was widespread across the Adani Group's listed entities:
- Adani Energy Solutions plunged over 14%
- Adani Power shares tanked 11%
- Adani Enterprises declined over 6%
- Adani Ports share price fell over 7%
- Adani Total Gas shares slumped 9%
- Adani Wilmar shares were down 4%
Other Adani-linked stocks, such as NDTV, ACC, and Ambuja Cements, also suffered losses, with NDTV tanking 5%.
A Reversal of Fortunes
Just a day earlier, on June 3, Adani stocks had rallied after exit polls prediction.
Several stocks, including Adani Power, Adani Ports, Adani Enterprises, Adani Green, and Ambuja Cements, reached their highest levels in a year on the NSE.
- Adani Ports and Special Economic Zone stock jumped by 10.12%.
- Adani Enterprises increased by 6.44%.
- Adani Power rose by 13.70%.
- Adani Total Gas surged by 6.66%.
- NDTV stock went up by 4.20%.
- ACC saw a rise of 3.25%.
- AWL stock increased by 2.64%.
Market Sentiment Shift
The sharp reversal in Adani stock prices highlights the market's sensitivity to the perceived link between the group's fortunes and the political landscape. As the election results unfolded, investor sentiment took a hit, with concerns mounting over the potential impact on the Adani Group's business prospects.
The Adani Group's market capitalization witnessed a staggering erosion of around ₹3 lakh crore in the previous session on June 4, underscoring the depth of the selloff.
The Adani Group grapples with the fallout of divergent market expectations as the dust settles on the election results. Investors will closely monitor the group's strategic responses and the broader policy landscape to gauge the potential impact on its diverse business interests.
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