Shares of Adani Group companies tumbled up to 25% on Tuesday following vote-counting trends that showed Prime Minister Narendra Modi’s Bharatiya Janata Party is likely to miss the 272-seat mark.
However, the NDA alliance is likely to form the government for the third consecutive time as the trend shows it leading in 290-295 seats out of 543 seats.
The decline in Adani Group stocks today erased all the gains made by its 10 listed companies in the previous two sessions.
In intra-day deals, Adani Enterprises and Adani Ports (APSEZ) crashed by 25% each while Adani Total Gas, Adani Green Energy, Adani Energy and Adani Power crashed by 20% each.
Among other stocks, NDTV, Ambuja Cement, ACC and Adani Wilmar fell about 10% or more.
The combined market capitalisation of all 10 listed Adani stocks also crashed by nearly Rs 2 lakh crore to about Rs 17.50 lakh crore.
On Monday, Adani Group stocks had gained up to 16% and the group’s market capitalisation had stood at Rs 19.42 lakh crore.