Despite the Adani Group's pledge that they will provide superior returns to shareholders, Adani stocks were under pressure on Tuesday and plummeted as much as 5%.
Only Adani Ports was trading slightly higher out of the ten Adani stocks that are listed on stock markets; the other nine stocks were blinking red.
The 5% lower circuit restrictions for Adani Power, Adani Transmission, Adani Total Gas, and Adani Green Energy were fixed. NDTV and Adani Wilmar, on the other side, were trading about 4% lower.
Adani Enterprises was also trading 1.6% lower at Rs 1,690 ahead of the release of its December quarter financial results later in the day. From its 52-week high levels, the Nifty stock has so far lost 60% of its value.
The market value of all Adani equities has more than halved during the past four weeks of nonstop selling.
A group spokesperson said yesterday that the Adani Group's business plan is fully funded and that its portfolio will provide superior returns to shareholders in response to a report that the company has scaled back its aggressive growth and capital expenditure plans until the following financial year.
"Each company in our independent portfolio has a very strong balance sheet. Our business plan is fully funded, we have industry-leading development skills, excellent corporate governance, secure assets, and solid cashflows "In a statement, the Adani Group spokeswoman said.
Last Friday, the global ratings agency Moody's changed the outlook for four Adani Group firms, including Adani Green Energy, from "stable" to "negative."
0 Comments