Adani Group stocks down 13%, ₹90,000 cr wiped off in market-cap. Top loser is… - Hindustan Times
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Adani Group stocks fall up to 13%; Adani Green, Adani Ent shares top losers; 90,000 crore wiped off in market-cap

Mar 13, 2024 03:18 PM IST

Adani Group share price: Adani Green Energy was the top loser, as it tanked 13 per cent to ₹1,650 on NSE.

Adani Group stocks fell up to 13 per cent today (March 13). All 10 Adani counters traded in the red which resulted in erasing around 90,000 crore off their combined market capitalisation by 12pm. 

Adani Group share price: The logo of the Adani Group seen on the facade of its Corporate House on the outskirts of Ahmedabad.(Reuters)
Adani Group share price: The logo of the Adani Group seen on the facade of its Corporate House on the outskirts of Ahmedabad.(Reuters)

Adani Group's worst performer on March 13: Of these, Adani Green Energy was the top loser, as it tanked 13 percent to 1,650 a share on the NSE. This is the biggest single day drop that shares of Adani Green Energy witnessed in 2024 so far.

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How are other Adani Group's stocks performing: Adani Enterprises and Adani Ports & SEZ were trading with losses of 5.5 per cent and 5.3 per cent, respectively. Adani Energy Solutions, Adani Power, Adani Total Gas, NDTV and Adani Wilmar fell between 4 and 7 per cent.

Is the fall part of a larger trend? This is the seventh straight day of fall for Adani Enterprises which was trading almost 100 per cent higher from its 52-week low of 1,573.

Loss in market-cap: With today's drop, Adani Group stocks have cumulatively lost 90,000 crore in market capitalisation- 5.7% of the group's overall market cap of nearly 15.85 lakh crore as on Tuesday.

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Buy calls for Adani ports: Earlier brokerage firms HSBC and Motilal Oswal raised target prices on Adani Ports and reiterated their "buy" calls on the stock as February data showed that the company could surpass the higher cargo volume guidance for the full fiscal year.

Read more: Uday Kotak on Sebi chief's froth warning: ‘Not yet out of control’

For Adani Enterprises, Jefferies initiated coverage with a "buy" tag on February 13 and projected doubling of EBITDA by FY26 to 21,449 crore, setting a target price of 3,800 on the stock.

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