Adani stocks fall up to 6% today. Here's why

Adani Group Chairman Gautam Adani said that he plans to step down at 70 and shift control to his scions in the early 2030s.

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.

The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad.(Reuters)

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.

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.

The Adani Group founder's stepping down would lead to joint decision-making, the Adani children said in separate interviews.