Adani Group stocks trade under pressure; Adani Gas down 5.5%

Shares of Adani Gas slipped over 5.5% after the media reports said that the Petroleum and Natural Gas Regulatory Board (PNGRB) sent a notice to the company for not disclosing some crucial information.

Jan 24, 2020 04:01 IST India Infoline News Service

Adani Group stocks slipped in the morning trade on the BSE, with the Adani Enterprises, Adani Gas, Adani Green and Adani Ports falling in the range of 1-5% on the BSE.

Shares of Adani Gas slipped over 5.5% after the media reports said that the Petroleum and Natural Gas Regulatory Board (PNGRB) sent a notice to the company for not disclosing some crucial information.

Shares of Adani Ports and Special Economic Zone Ltd fell 1% in the morning trade on the BSE. As per media reports, the company is set to buy an under-construction greenfield commercial port in Kakinada and the adjoining SEZ located at Kona village in Thondangi Mandal of East Godavari district, promoted by the Hyderabad-based GMR Group.

Adani Power has received a revision in credit ratings from CARE Ratings. For Long Term Bank Facilities aggregating to Rs218.80cr - CARE BBB-; Stable (revised from CARE BB+; Stable) and Long Term / Short Term Bank Facilities aggregating to Rs39.60cr -CARE BBB-; Stable / CARE A3 (revised from CARE BB+; Stable/ CARE A4+), the company said.

Adani Enterprises slipped 1.5% on the BSE, Adani Green dropped 3.5%, Adani Transmission also trading marginally lower, while Adani Power is slightly up.

Markets have erased all early losses and have gained strong momentum, with the Sensex up 139 points and Nifty rose 51 points. The stock market opened flat on Friday as China struggled to stop a deadly virus from causing more damage.

Stock view:
Adani Enterprises Ltd is currently trading at Rs226.40, down by Rs3.25 or 1.42% from its previous closing of Rs229.65 on the BSE.

Adani Power Ltd is currently trading at Rs63.60, up by Rs0.35 or 0.55% from its previous closing of Rs63.25 on the BSE.

Adani Gas Ltd is currently trading at Rs163.60, down by Rs9.25 or 5.35% from its previous closing of Rs172.85 on the BSE.

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