The Indian benchmarks opened on a negative note on Tuesday. The Sensex was down 361.86 points or 0.62% and opened at 58412.01, and the Nifty was down 114.70 points or 0.66% to open at 17376.
The bears also crippled the Adani group stocks as all the seven listed companies under the group were trading in red till the afternoon on Tuesday. This marks the end of the rally which led them to overtake Amabi-owned Reliance Industries and became the second biggest group in India behind Tata group.
However, a recent report by CreditSights suggests that Adani group’s debt-funded growth plans could spiral into a ‘massive debt trap’. Most of Gautam Adani’s wealth is on ‘paper’ and is tied to the value of his holdings in the Adani group stocks, says Fitch.
Here’s how the stocks have reacted to the news:
Adani Green Energy
The shares of the company opened at Rs 2,547 on Tuesday and dropped by 6% till the afternoon to trade at Rs 2,385 levels. In a month, the stock has increased by 11%.
Adani Wilmar
The shares of the Edible oil company opened at Rs 711 on Tuesday and dropped by 4% to get locked in a lower circuit. In a month, the stock has risen by 12%.
Adani Power
The power stock opened at Rs 421 on Tuesday and dropped 5% to get locked in the lower circuit. In the past month, the stock has surged by more than 40%.
Adani Transmission
The stock opened at Rs 3,416 and dropped by approximately 3% in the early trading hours. However, in the afternoon the stock regained momentum but was still trading in red at Rs 3,416 levels. In a month, the stock has added 15%.
Adani Ports and Special Economic Zone
The stock of the ports company opened lower at Rs 835 and tanked 2.5% in the early hours on Tuesday. In a month, the stock has gained more than 10%.
Adani Enterprises
The shares of Adani enterprises also opened in red and dipped 2.5% in the early hours. Till afternoon it had regained momentum however was still in red at Rs 3,036 levels.
Adani Total Gas
The shares of the gas distribution company opened at Rs 3,332 and dipped by approximately 2% during the early training hours. Till the afternoon, the stock was trading in the red. In the past month, the stock has climbed by 17%.
Written by – Anoushka Roy
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