NEW DELHI: Adani Group continues to face heat on Dalal Street, with its listed stocks falling up to 10% on Monday. This is the eighth straight session fall following the Hindenburg Research report.
The Group’s market capitalisation has plummeted by close to Rs 10 lakh crore during the eighth session.
The total market cap of the Group was pegged at Rs 19.2 lakh crore as of January 24, 2023. At the end of Friday’s trading session, its 10 listed companies saw their combined valuation decline by about Rs 9.3 lakh crore. On Monday, the Group’s m-cap fell by another Rs 31,000 crore.
Promoter Gautam Adani’s net worth, during this period, has taken a hit of $60 billion, pushing him from the third spot to 21st on the Bloomberg Billionaires Index. Monday’s share fall comes as global financial agencies are cutting their dealing with the Group.
After Credit Suisse and Citigroup, British lender Standard Chartered has stopped accepting the Group’s bonds as collateral on margin loans as the port-to-power conglomerate is facing allegations of stock price manipulation and corporate governance issues (among other things).
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On Monday, five Adani stocks (Adani Total Gas, Adani Green, Adani Transmission, Adani Wilmar and Adani Power) were locked in at their respective lower price bands of 5% and 10%. Shares of Adani Enterprises closed for the day at Rs 1,572.40, down 0.74% over its previous close.
Four Adani companies defied the trend and settled in the positive territory with Ambuja Cements (up 1.54%), ACC (up 2.24%), and NDTV (up 1.37%) closing marginally higher. Adani Ports and Special Economic Zone (APSEZ) closed higher by 9.46% as the promoter’s decision to prepay loans worth $1.1 billion taken against shares improved sentiments.
Adani Transmission's net up nearly 73% to Rs 478 cr
Adani Transmission Ltd (ATL) on Monday posted a nearly 73% jump in its consolidated net profit to Rs 478 crore in the December quarter (Q3FY23) of 2022-23 on the back of a one-time income gain and higher revenues.
Consolidated net profit was Rs 277 crore in Q3. The consolidated revenue rose to Rs 3,037 crore Q3 from Rs 2,623 crore in the same period a year ago.
Consolidated PAT reported a strong upside of 73%, aided by a one-time income of Rs 240 crore from a regulatory order, a company statement said.
Adani Transmission MD Anil Sardana said, “ATL’s growth trajectory remains firm despite challenging macroeconomic environment. Our pipeline of projects and recently operationalised assets will further strengthen our pan-India presence.”
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