All Adani group stocks were trading in the red on Wednesday, extending losses from previous sessions. The group's flagship company Adani Enterprises opened higher, but slipped later in the trade. At the last count, the shares hit the lower circuit of 30 percent. Adani Ports too opened higher before slipping into the red. At the last count, the shares were down 25 percent.
At 3:03 pm, Adani Green was trading 9.1 percent lower. Adani Transmission (down 8.7 percent), Adani Power (down five percent), Adani Total Gas (down 10 percent) and Adani Wilmar (down five percent) extended losses from previous sessions.
Bloomberg has reported that Credit Suisse's private bank has halted margin loans on Adani Bonds. The Swiss lender’s private banking arm has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd, Bloomberg said, quoting sources.
In interaction with CNBC-TV18, Dharmesh Mehta, MD & CEO, Dam Capital Advisors said, “If you look at the fundamentals, a lot of the stock price of Adani Group stocks have come to a very interesting level to buy. So, I would just remove the noise and focus on which are the companies I would like to buy based on cash flow, valuation – you are getting a lot of them today. Adani Ports was the darling of the market. I would go buy pure fundamentals and start investing in those names.”
Shares of Adani Wilmar and Adani Power have been in the lower circuit for the fifth straight session. The shares have fallen in nine out of last ten sessions.
On Tuesday, the Adani Enterprises Rs 20,000 crore FPO was fully subscribed on the final day.
The billionaire Gautam Adani-headed group has been in the focus ever since the short-seller Hidenburg Research's allegations against the firm.
First Published: Feb 1, 2023 2:25 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Home buyers in Noida threaten to boycott Lok Sabha polls — here's why
Apr 16, 2024 10:09 AM
Lok Sabha Election 2024: These stocks may benefit if PM Modi wins a third term, as per PhillipCapital
Apr 16, 2024 8:32 AM
Lok Sabha Election 2024: Industrial growth, skill development central themes for Coimbatore constituency
Apr 16, 2024 12:06 AM
Lawyer seeks 6-year poll ban on PM Modi — here's why
Apr 15, 2024 7:28 PM