FPIs Sell Adani Shares in Q3; Adani Green, Adani Energy, Adani Power in Fray

Shares of Adani group witnessed heightened selloff following November's US Department of Justice notice, which was partially driven by persistent FII outflows. While retail investors stayed put on Adani, mutual funds bought several scrips, AceEquity reported.

Overseas investors sold stakes to the tune of 100 basis points (1%) in four Adani group stocks, which included Adani Green Energy Ltd, Ambuja Cements Ltd, Adani Energy Solutions Ltd and Adani Ports and Special Economic Zone Ltd.

FPIs reduced their exposure in Adani Green Energy Ltd by 148 basis points to 13.68 per cent in Q3 from 15.16 per cent in Q2. Institutional class sold stake close to 1.47 percentage points to clock at 9.14 per cent in the December quarter from 10.61 per cent in the September quarter.

They also reduced their holdings in Adani Energy Solutions to 17.34 per cent from 18.66 per cent. FPIs also cut their stake in Adani Ports by 128 basis points to 13.93 per cent from 1.28 per cent.

Retail holding soared between 4-120 basis points during the period. Except for ACC Ltd, Adani Group stocks, mutual funds remained put on Adani group stocks. Notably, FPIs increased their stake in Sanghi Industries Ltd, Adani Enterprises Ltd and Adani Wilmar Ltd by up to 52 basis points.

Mutual fund exposure in Ambuja Cements Ltd (up 136 bps to 7.71 per cent), Adani Ports (up 104 bps to 5.06 per cent), Adani Energy Solutions Ltd (up 57 bps to 1.91 per cent), Adani Green Energy Ltd (up 28 bps to 0.37 per cent) soared during this period.

Adani stocks came under fire in November after Gautam Adani was charged by US prosecutors for bribing Indian officials.

Shares of Sanghi Industries Ltd (down 62 per cent), Adani Green Energy Ltd (down 54 per cent), New Delhi Television Ltd (down 49 per cent), Adani Total Gas Ltd (down 44 per cent) and Adani Energy Solutions Ltd (down 43 per cent) are down up to 62% from their 52-week high levels.