Shares of Adani Group firms- Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Energy Solutions Ltd, Adani Power and Adani Total Gas Ltd- declined up to 6 per cent today (August 5) amid a global stock market selloff. The fall in stocks followed a Bloomberg News report in which Adani Group Chairman Gautam Adani said that he plans to step down at 70 and shift control to his scions in the early 2030s.
Read more: Will Karan Adani become Adani Group chairman when Gautam Adani exits? ‘It’s likely'
How Adani stocks performed today?
Adani Enterprises declined 3.78 per cent to hit a low of ₹3,041.15 on BSE, Adani Power tanked 5.67 per cent to a low of ₹685.20, Adani Energy Solutions plunged 6.41 per cent to ₹1,180.10, Adani Ports was down 4.89 per cent at ₹1,510.15, Adani Green Energy slipped 4.77 per cent to ₹1,790.70, Adani Total Gas 4.43 per cent to ₹868.20, ACC 2.2 per cent to ₹2,381.80 and Ambuja Cements 2.01 per cent to ₹637.75.
Read more: Gautam Adani unveils succession plan: Stepping down in 8 years, sons to take over in early 2030s
What Gautam Adani said on his succession plans?
Gautam Adani said in the interview, “Succession is very, very important for the business sustainability. I left the choice to the second generation as the transition must be organic, gradual and very systematic." This marks the first time Gautam Adani has spoken about his succession plans. The handover will have to deal with ongoing questions following Hindenburg report and navigate , the maze of entities and trusts that hold the family’s company shareholdings, the report suggested.
Read more: Should you invest in stock market amid fears of US recession? ‘Much more resilient’
{{/usCountry}}Gautam Adani said in the interview, “Succession is very, very important for the business sustainability. I left the choice to the second generation as the transition must be organic, gradual and very systematic." This marks the first time Gautam Adani has spoken about his succession plans. The handover will have to deal with ongoing questions following Hindenburg report and navigate , the maze of entities and trusts that hold the family’s company shareholdings, the report suggested.
Read more: Should you invest in stock market amid fears of US recession? ‘Much more resilient’
{{/usCountry}}The Adani Group founder's stepping down would lead to joint decision-making, the Adani children said in separate interviews.