BSE Power index underperforms; Adani Group stocks witness selling pressure

The BSE Power index was trading at 2,903.45 lower by 1.56%. The index has touched an intraday high and low of 2,925.98 and 2,889.61, respectively.

Jun 16, 2021 02:06 IST India Infoline News Service

Broker stock market crash
The BSE Power index unperformed in the dull market as heavy selling pressure witnessed in Adani Group stocks. The top index losers at this hour are Adani Transmission, Power Grid, Adani Green, Adani Power, and BHEL.

The BSE Power index was trading at 2,903.45 lower by 1.56%. The index has touched an intraday high and low of 2,925.98 and 2,889.61, respectively.

Adani Group's listed companies further extended their slide despite the Group has given clarification on three foreign funds account that was reportedly said to have been frozen by NSDL, however, the accounts were later clarified as 'active'.

Also, rating firm Fitch Ratings said that it has affirmed India-based port operator Adani Ports and Special Economic Zone Limited's (APSEZ) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' and the Outlook is Negative.

Adani Enterprises was trading at Rs1531.80 per piece down by 0.4%, while Adani Green was trading at Rs1199 per piece down by 0.8%. Adani Transmission, Adani Total Gas and Adani Power were frozen to a 5% lower circuit for the third consecutive days.

On the flip side, KEC International was trading higher in the BSE Power index as the company said it secured new orders worth Rs937cr across its various businesses.

ABB, Tata Power and NTPC are trading in the positive territory on the Power index in the afternoon session.

Meanwhile, the S&P BSE Sensex traded 136 points down at 52,636.69 levels and the broader Nifty50 index fell 54 points at 15,815.50-mark. 

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