All Adani group shares fall on election result day: 10 lakh cr in m-cap wiped off - Hindustan Times
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All Adani group shares fall on election result day: 10 lakh cr in m-cap wiped off

Jun 04, 2024 12:11 PM IST

All Adani group shares fell on the declaration of Lok Sabha election results.

All Adani group shares fell on the declaration of Lok Sabha election results.

The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad.(Amit Dave / REUTERS)
The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad.(Amit Dave / REUTERS)

The Adani group’s Ambuja Cements fell 6.50% to Rs.627. Adani Enterprises itself fell by 5.915% to Rs.3429.80. Adani Green Energy fell 5.11% to Rs.1933.50. ACC fell 4.52% to Rs.2556.50. Adani Wilmar fell 3.94% to Rs.353.85. Adani Power fell by 2.81% to Rs.850.40.

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Morgan Stanley had earlier given an ‘overweight’ rating to Adani Ports, targeting Rs.1517 per share. Adani Ports fell 6.09% to Rs.1488.50.

Adani Ports, Ambuja Cements, and ACC came under the term, “Modi Stocks” by global brokerage CLSA, which identified 54 companies that could be direct beneficiaries of PM Modi’s policies.

Also Read | These stocks are set to surge if PM Modi wins third term as exit polls predict

Jefferies had also maintained a bullish outlook on Adani firms, citing that the group has recovered from the losses due to the Hindenburg report, with a $90 billion capex plan over the next decade for expansion.

The brokerage firm gave a 'buy' rating to Adani Enterprises with a target price of Rs.3,800, Adani Ports for Rs.1,640, and Adani Energy Solutions for Rs.1,365.

In the previous year’s January, US-based activist short-seller, Hindenburg Research released a report on the Adani Group, alleging accounting fraud, stock price manipulation, and improper use of tax havens. The Adani Group denied all the allegations. Despite that, Adani stocks were significantly impacted.

The Adani Group has since, focused on reducing its debt and the founders' share pledge during the financial year 2023–24, according to the Jefferies report. The group's profit after tax (PAT) in FY24 shot up 55 percent to Rs.30,768 crore.

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