Shares Adani Total Gas extended their fall in Wednesday's trade as the group's other stocks continued to decline. Adani Total slumped 10 per cent to hit its lower price band of Rs 1,901.65 over its previous close of Rs 2,112.90. At today's day-low level of Rs 1,901.65, the scrip has lost 51.47 per cent in seven sessions. Support on the counter could be seen at Rs 1,770, a technical analyst said.
"Adani Total Gas stock price is still oversold but bearish with strong resistance at Rs 2,290. A daily close above Rs 2,290 could lead to a bounce back till Rs 2,422-2,824 in the near term. Next support is at Rs 1,770," said AR Ramachandran from Tips2trade.
The stock was last seen trading lower than 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 16.50. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 479.58.
Adani Total has an average target price of Rs 2,625, Trendlyne data showed, suggesting a potential upside of 38.35 per cent. The scrip has a one-year beta of 1.38, indicating high volatility.
Around 92,000 shares changed hands today on BSE, which was more than double than the two-week average volume of 43,000 shares. Turnover on the counter stood at Rs 17.75 crore, commanding a market capitalisation (m-cap) of Rs 2,09,145.38 crore. There were 39,803 sell orders on BSE.
Adani Total Gas is a joint venture between France's energy major Total and Adani Group.
Adani Group stocks are down around 60 per cent from their respective 52-week high levels.
All of the 10-listed Adani Group stocks (including recently acquired ACC, Ambuja Cements and NDTV) fell today. The counters started tumbling after a report by US-based short seller Hindenburg Research alleged that the Indian conglomerate had engaged in stock manipulation and accounting fraud scheme over the last few decades. Adani Group, however, refuted the claim as baseless.
Meanwhile, Indian equity benchmarks rose sharply after Union Finance Minister Nirmala Sitharaman began her Budget 2023 speech.
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