Some Adani Group Stocks Rally Amidst US Scrutiny

22 Nov 2024 , 01:32 PM

In Friday’s midday trading, Adani Group equities recovered from their early losses and rose by as much as 6%. The largest increase, 6%, was seen by Ambuja Cement, while ACC gained over 4%.

Adani Enterprises, the company’s flagship, witnessed a 2.5% boost as well. Adani Wilmar, Adani Green Energy, Adani Ports, Adani Power, and Adani Total Gas were among the other Adani stocks that saw a 1%–2% increase. Adani Energy Solutions, however, kept trading down by almost 3%.

Adani Group stocks continued to decline for a second day in a row earlier in the day. Shares of Adani Enterprises slumped 7% to a 52-week low of Rs 2,030, and Adani Ports slid 5.3%.

Adani Power, Adani Energy Solutions, Adani Total Gas, and Adani Wilmar were among the other Adani Group companies that saw a 2.6% to 5% decline. At a low of Rs 1,020.85, Adani Green Energy experienced a precipitous 11% drop. Ambuja and ACC shares, however, were trading flat with a small bullish bias.

But in yet another blow to the group, Kenyan President William Ruto declared that the Adani Group’s bid to develop the nation’s principal airport will no longer be included in the procurement process.

Additionally, he ordered the cancellation of a more than $700 million agreement for the construction of electricity transmission lines involving an Adani Group affiliate.

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