Adani stocks reeling under pressure

New Delhi: Shares of most of the Adani group firms were trading in the negative territory on Thursday with flagship company Adani Enterprises suffered a slump of 20 per cent. However, it later recovered as Adani Enterprises stock closed Rs231.35 or 10.72 per cent lower at Rs1,927.30 on BSE.

As many as nine Adani Group firms were trading in the negative territory, while one company was trading in the green. Adani Wilmar Ltd bucked the trend as the scrip rose Rs20.95 or five per cent to Rs440.30 on BSE.

Adani Ports and Special Economic Zone Ltd (APSEZ) shares fell Rs17.40 or 2.90 per cent to Rs582.05. Adani Power Ltd scrip declined by Rs9.10 or five per cent to Rs172.90. Adani Transmission Ltd eased by Rs65.70 or five per cent to Rs1,248.55. Adani Green Energy stock fell Rs39.80 or 4.96 per cent to Rs761.95. Adani Total Gas fell Rs69.70 or five per cent to Rs1,324.45. In morning session, Adani Enterprises plummeted 20 per cent to Rs 1,834.90 apiece -- its lower price band on the BSE.

The market capitalisation of the flagship company declined to Rs2.38 lakh crore in initial trade. Adani Ports and Special Economic Zone plunged 5.59 per cent to Rs 565.95. In the morning session, shares of Adani Power slumped 5 per cent to Rs 172.90 and touched its lower circuit level. In similar lines, Adani Transmission Adani Green Energy and Adani Total Gas witnessed a fall of 5 per cent each in initial trade on the bourses.