Adani group stocks such as Adani Power Ltd, Adani Enterprises Ltd, Adani Wilmar Ltd and Adani Ports & SEZ Ltd fell up to 9 per cent in Monday's trade, underperforming the benchmark indices in a session marked by across-the board selling.
The group stocks fell as Iran-backed Hamas launched 5,000 rockets on Israel, killing over 1,000. To recall, the Adani Group had earlier this year bought Israeli port of Haifa for $1.2 billion. The port is the second largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.
Ten of 10 Adani stocks were trading lower. The Adani group flagship Adani Enterprises Ltd fell 2.62 per cent to hit a low of Rs 2,412.05 on BSE. The BSE Sensex fell over 550 points in early trade but recovered some lost ground later. It was down 273 points, or 0.41 per cent at 65,722.52 at 10 am.
Adani Ports & SEZ tanked 3.58 per cent to Rs 800.75. Adani Power Ltd plunged 8.64 per cent to Rs 333.35. Adani Energy Solutions declined 3.26 per cent to Rs 780. Adani Green Energy Ltd slipped 2.57 per cent to Rs 936.05. Adani Total Gas was down 2.75 per cent at Rs 588 while Adani Wilmar dropped 3.64 per cent to Rs 336. ACC and Ambuja Cements, two cement stocks, fell up to 1.15 per cent. NDTV declined 1.28 per cent to Rs 212.
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