Explained: Why Adani Group shares fell sharply on stock market

HORNBILLTV
June 14,2021 12:55 PM
HORNBILL TV

Highlights

Shares of Adani group companies plunged on stock exchanges to hit lower circuits after NSDL took action against three foreign funds that are among the top stakeholders in four of the conglomerate's li

Shares of Adani Group companies fell sharply on the stock market after the National Securities Depository Limited (NSDL) took action against three foreign funds that are among the top stakeholders in the firms.

adani

All six listed Adani group companies have plunged on stock exchanges to hit lower circuits after the development was reported.

At 11:30 am, the shares of flagship Adani Enterprises were down 13.27 per cent at Rs 1,387.60 per share; Adani Green Energy was down 5 per cent at Rs 1,156.85 per share; Adani Total Gas was down 5 per cent at Rs 1,544.90 per share; Adani Transmission was down 5 per cent at Rs 1,522.50 per share.

It may be noted that Adani Enterprises Limited shares declined as much as 25 per cent to hit an intraday low of Rs 1,201.10, down over Rs 400 from last week’s close of Rs 1,601.45.

The flagship company’s market cap on the Bombay Stock Exchange fell to Rs 1.4 lakh crore. The stock has gained over 700 per in the past year, at least 200 per cent since the beginning of this year.