Adani Group stocks fall further in morning trade

Mumbai: Shares of Adani Group firms tumbled further on the bourses, with shares of Adani Enterprises witnessing a fall of 9.50 per cent as investors continue to offload their holdings.

Adani Enterprises opened on a weak note at Rs 1,597.95, then fell further to Rs 1,433.60, registering a fall of 9.50 per cent over its previous close. It was later trading at Rs 1480.65, down 6.54 per cent on BSE.

Shares of Adani Total Gas, Adani Power, Adani Green Energy and Adani Wilmar were trading 5 per cent down each on the BSE, while Adani Transmission slipped 10 per cent.

Meanwhile, Adani Ports and Special Economic Zone was trading marginally higher at Rs 501.50, up 0.53 per cent. In addition, other Adani Group stocks, such as Ambuja Cements tanked 3.28 per cent, ACC dropped 0.82 per cent and NDTV fell 4.98 per cent.

Adani group stocks have taken a beating on the bourses after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.

Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. Meanwhile, markets regulator Sebi on Saturday said it is committed to ensuring the stock market’s integrity, and all necessary surveillance measures are in place to address any excessive volatility in individual shares.

The Reserve Bank on Friday said India’s banking sector is resilient and stable, and the central bank maintains a constant vigil on the lenders.

Equity benchmark indices — Sensex and Nifty — were trading in the negative territory. The 30-share BSE index was trading at 439.19 points or 0.72 per cent lower at 60,402.69 points in initial deals.

Similarly, the broader NSE Nifty slipped 140.80 points or 0.79 per cent to 17,713.25 points.