Adani Group Hit by Sell Off, Green Energy Shares Dive 13%

13 Mar 2024 , 02:58 PM

On March 13, the Adani Group’s stock market saw a sharp sell-off, with shares dropping as much as 13%. By midday, all ten of the Adani counters had lost around ₹90,000 Crore in market capitalization due to negative trading activity.

The biggest loser was Adani Green Energy, which fell 13% to an intraday low of ₹1,650 a share on the NSE.

The headline Nifty index’s marquee companies, Adani Enterprises and Adani Ports & SEZ, were trading down 5.5% and 5.3%, respectively, at noon. 1%, or 200 points, were taken off the Nifty.

Adani Enterprises is experiencing its seventh day of autumn in a row. Nonetheless, the stock has recovered over 100% from its 52-week low of ₹1,573.

Cement producers Ambuja Cement and ACC had decreases of 2.9% and 4.3%, respectively. Adani Wilmar, NDTV, Adani Power, Adani Energy Solutions, and Adani Total Gas all had declines of 4 to 7%.

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