HT Digital,
Mumbai, March 13: Shares of Adani Group fell up to 13% on Wednesday, wiping out Rs 90,000 crore from their combined market capitalisation by noon. All 10 Adani companies traded negatively, resulting in substantial losses.
Adani Green Energy was the worst performer among the listed Adani Group companies, with a 13% drop to Rs 1,650 per share on the NSE. This marked the biggest single-day drop for Adani Green Energy shares in 2024 to date.
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Meanwhile, Adani Enterprises and Adani Ports & SEZ reported losses of 5.5% and 5.3% respectively. Adani Energy Solutions, Adani Power, Adani Total Gas, NDTV and Adani Wilmar also fell between four and seven per cent.
Adani Enterprises has been on a downward trend for the past seven days, after peaking at nearly 100% above its lowest value of Rs 1,573 recorded in the past year. Adani Group stocks have collectively lost Rs 90,000 crore in market capitalisation, representing 5.7% of the group’s total market cap of approximately Rs 15.85 lakh crore as of Tuesday.
Earlier, brokerage firms HSBC and Motilal Oswal increased their target prices for Adani Ports and reiterated their buy recommendation. This was based on February data suggesting that the company may exceed its projected cargo volume for the fiscal year.
Adani Enterprises received a buy recommendation from Jefferies on February 13. Jefferies forecasts that the company’s EBITDA will double by FY26, reaching Rs 21,449 crore, and has set a target price of Rs 3,800 for the stock.
