09 Feb , 2023 By : Monika Singh
The rout in Adani Group stocks resumed on Thursday after Wednesday’s rise, as Morgan Stanley Capital International (MSCI) said that some Adani group stocks should no longer be designated as free float after investors raised concerns over the eligibility of the Adani companies for some of its indexes. MSCI announced that any changes to the free float and market capitalisation of Adani Group stocks, which will impact the calculation of these figures, will be implemented and announced as part of its February index review, set to be released today. Following the news, Adani group flagship company Adani Enterprises’ share price witnessed a slump of 20%.
Nine out of ten Adani Group firms were trading in the negative territory. Adani Enterprises stock plunged 20%, its lower price band on the NSE, before recovering slightly. The stock was last trading at Rs 1,969, down 9% on NSE. The market capitalisation of the flagship company declined to Rs 2.38 lakh crore in initial trade. Meanwhile, Adani Ports and Special Economic Zone shares plunged 5.59% to Rs 565.95. Along similar lines, Adani Transmission Adani Green Energy and Adani Total Gas fell 5?ch in initial trade on the bourses.
Ambuja Cements stocks slipped 5.44% to Rs 363.45, NDTV fell 2.09% to Rs 223, and ACC declined 3.62% to Rs 1,901.85. Out of the ten listed companies of the Adani group, Adani Wilmar was the only one that was trading in the positive territory. Adani Wilmar shares jumped 5% to touch the upper circuit price band of Rs 439.70 apiece on NSE. In the previous session, seven of the Adani group companies ended in the positive territory while three settled in the red. In the last two trading sessions i.e on Tuesday and Wednesday, Adani Group companies have recovered around Rs 70,000 crore in combined market value.
However, the group stocks have lost around Rs 8.7 lakh crore or about 45% of their combined market valuation since 24 January, when the US-based short-seller Hindenburg Research came out with its scathing report about the Gautam Adani-led conglomerate. Adani Group, on Monday, said the promoters will pre-pay $1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024. These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission.
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