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Adani stocks slide as Moody's changes outlook on 4 firms to 'negative'
In the morning session, shares of Adani Power plummeted to ₹156.10.
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Shares of Adani group of companies declined in morning trade on Monday, with flagship company Adani Enterprises falling over 4 per cent after credit rating firm Moody's revised the rating outlook on four companies of the conglomerate to 'negative' from 'stable'.
On the BSE, the scrip of Adani Enterprises dived 4.32 per cent to ₹1,767.60 apiece in the early trade, while shares of Adani Ports and Economic Zone slipped 2.56 per cent to ₹568.90 per share.
Some of the group firms also touched their lower price bands.
In the morning session, shares of Adani Power plummeted to ₹156.10, Adani Transmission to ₹1,126.85, Adani Green Energy to ₹687.75 and Adani Total Gas to ₹1,195.35 per share on the bourse. All these scrips declined 5 per cent each.
The scrip of Ambuja Cements plunged 3.34 per cent to ₹349, Adani Wilmar went lower by 3.31 per cent to ₹421.65, NDTV nosedived 2.25 per cent to ₹203.95 and ACC fell 1.49 per cent to ₹1,853 apiece on the BSE.
In the morning session, the 30-share BSE Sensex was trading 393.56 points or 0.65 per cent lower at 60,289.14 points.
In a statement, Moody's Investor Service on Friday said that it has revised the rating outlook on four Adani Group companies to negative from stable after a significant and rapid decline in market value following a report by US-based short seller Hindenburg Research.
The combined market cap of the group companies is down by 51 per cent as compared to that on January 24, when US-based activist short-seller Hindenburg Research through its adverse report made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
