Adani Green Energy turned out to be the only Adani group company that ended with gains on Monday. The conglomerate, after market hours confirmed that the group decided to keep the major equipment procurement and site construction activities on hold for its green PVC project.
"We are hopeful to obtain financial closure for the project in next six months post which full-fledged procurement and construction activities at site will commence," the company said in a statement.
"We are committed to completing the project in an expeditious manner so as to meet the original timelines," Adani Group spokesperson said.
Other Adani Group companies ended with losses of anywhere between 1-5 percent.
Adani Green shares ended with gains of 3.6 percent and have gained nearly 50 percent over the last month.
Shares of Adani Group’s flagship company Adani Enterprises Ltd ended 3.5 percent lower. The stock snapped a three-day winning streak.
Shares of Adani Ports also snapped a three-day winning streak, ending 2 percent lower. The stock had gained 4 percent over the last three trading sessions.
Adani Total Gas and Adani Power ended in a lower circuit of 5 percent each. While Adani Total Gas fell for the fifth day in a row, Adani Power declined in three out of the last four trading sessions.
Adani Total Gas shares have extended opening losses and are down nearly 4.5 percent, declining for the fifth day in a row. Adani Wilmar shares are also down 2.5 percent.
Shares of Adani Transmission opened with gains but ended 2.3 percent lower after having gained nearly 16 percent over the last three trading sessions.
ACC, Ambuja Cements and NDTV also ended Monday's session with losses.
This comes after reports emerged that Adani Group has suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat as it focuses on resources to consolidate operations and address investor concerns following a damning report by a US-based short seller.
Adani Group has been in focus since early this year after US-based activist short-seller Hindenburg Research made allegations and accused the billionaire Gautam Adani-led group of fraudulent transactions and share price manipulation.
(Edited by : Rukmani Krishna)
First Published: Mar 20, 2023 11:39 AM IST
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