OTHER GROUP COMPANIES
market

Adani Group under pressure after CreditSights’ report warns of ‘deep overleveraging’

The company’s major stocks were trading negative for the second consecutive day.

August 24, 2022 1:26 IST | India Infoline News Service
Adani Group’s 6 out of 7 stocks were trading under pressure after CreditSights issued a report warning that Adani Group is deeply overleveraged.

The company’s major stocks were trading negative for the second consecutive day.

Adani Power slumped nearly 5% (-4.99%) so far in today’s trade at Rs390.40. Group's heavy-weight, Adani Green, was trading about 3% (-3.09%) lower at Rs2,338.35 per share.

Further, Adani Group’s logistics arm Adani Ports lost about 1.50% (-1.48%) so far at Rs820.20 on NSE. While Adani Wilmar was trading ~3% (-2.91%) lower at Rs670 on NSE.

Adani Total Gas recorded a marginal decline of 0.50% and was trading at Rs3,416 per piece. Adani Enterprises dipped nearly 1% (-0.80%) so far at Rs3,006.50 apiece.

The only group company that maintained composure after the announcement is Adani Transmission. It recorded an upside of 2.20% at Rs3,681 per scrip.

Earlier on Monday, the Fitch Group-owned financial services firm CreditSights issued a basic analysis of billionaire Gautam Adani's group, calling it "deeply overleveraged."

According to the study, "the Adani Group is progressively pushing into new and/or unrelated sectors, which are very capital demanding and raise worries about spreading execution monitoring too thin."

Invest wise with Expert advice

FEATURED ARTICLE

BLOGS

Open Demat Account

Invest wise with Expert advice

By continuing, I accept the Terms & Conditions and agree to receive updates on Whatsapp