Adani Group Stocks Stumble as Sensex and Nifty Stage a Strong Comeback
This morning, around 11 AM, the Sensex made a notable recovery from its initial drop and surged to 79,735 points. Similarly, the Nifty index also climbed to 24,360 points. Despite these positive movements in the broader market, shares of Adani Group companies faced significant declines. The downturn in these shares is attributed to the market disruption caused by the Hindenburg report along with profit-taking activities.
Adani Enterprises witnessed a considerable drop in its share price, falling to ₹3,013 during today’s trading session. This represents a sharp decline from its previous closing price of ₹3,186 recorded on Friday. The fall reflects broader investor concerns and market volatility impacting the company’s stock performance.
Adani Port and Special Economic Zone also experienced a downturn. The share opened at ₹1,480 and saw a reduction, reaching ₹1,457 during the trading session. This decrease highlights the challenges faced by the company amidst the current market conditions.
Adani Green Energy saw its share open at ₹1,656.05, but later in the day, the stock exhibited some recovery. The fluctuations in its price indicate a volatile market response but suggest potential stabilization.
In contrast, Adani Green Energy Solutions Limited opened at ₹915.70, which included a significant decline of ₹190. Despite this initial drop, the share later rebounded to ₹1,060, showing a positive turnaround after the initial plunge.
Adani Wilmar opened at ₹370, and while detailed trading data for the entire session wasn’t provided, the stock’s performance is part of the broader trend affecting Adani Group shares.
Adani Power was among the more volatile stocks, opening at ₹660 and experiencing a steep decline of approximately 5%. The share fell further to ₹619 before recovering to ₹674, reflecting significant intraday volatility but some degree of recovery later in the session.
Adani Total Gas also faced a downturn, with its share falling to ₹753. However, the stock managed to recover to ₹828, demonstrating resilience amidst market turbulence.
Ambuja Cements opened at ₹616 and managed to trade in the green throughout the session, indicating a stable performance compared to other Adani Group stocks.
ACC Limited saw its share open at ₹2,311, but it experienced a slight decline, falling to ₹2,293.80. This minor drop is part of the broader market fluctuations observed in the sector.
Finally, NDTV opened at ₹186.15, and after initial trading, the share showed signs of recovery. This indicates a positive shift following an initial period of decline.
In summary, while the Sensex and Nifty indexes showed recovery and positive movement today, Adani Group shares were significantly impacted by market disruptions linked to the Hindenburg report and profit-taking activities. Despite the overall downturn, some shares within the Adani Group demonstrated resilience and partial recovery, suggesting a mixed market sentiment affecting the group’s stock performance.
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Author – Harivansh Vashistha