Adani Group firms fall for 7th day running; Adani Enterprises tumbles 20 pc
The offer was opened for public subscription from January 27-31.Meanwhile, the 30-share BSE benchmark Sensex traded 333.9 points or 0.56 per cent higher at 60,266.14.
Shares of Adani Group firms continued to remain weak for the seventh day running on Friday amid a host of negative events surrounding the companies.
The stock of Adani Enterprises tumbled 20 percent to Rs 1,173.55 -- it's one-year low -- on the BSE.
Shares of Adani Ports tanked 10 percent, Adani Transmission (10 percent), Adani Green Energy (10 percent), Adani Power (5 percent), Adani Total Gas (5 percent), Adani Wilmar (4.99 percent), NDTV (4.98 percent), ACC (4.24 percent) and Ambuja Cements (3 percent).
Many of the group firms hit their lower circuit limits during the morning trade.
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, 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.
''The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO. Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdrawing the completed transaction,'' the company said in a statement on Wednesday.
Adani Enterprises, the flagship company of Adani Group, had a lacklustre start to its FPO, with only a 1 percent subscription on the first day of the share sale. The offer was opened for public subscription from January 27-31.
Meanwhile, the 30-share BSE benchmark Sensex traded 333.9 points or 0.56 percent higher at 60,266.14.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)