Shares of Adani Total Gas plunged sharply in Monday's trade, extending their losing run for the fifth straight session. The stock dived 20 per cent to hit its lower price band of Rs 2,347.65 over a previous close of Rs 2,934.55. The scrip has lost 40.77 per cent in the previous five sessions.
Adani Group stocks came under the scanner 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.
In an exclusive interview with Business Today, the group accused Hindenburg Research of not doing proper research and "copy-pasting" from the company disclosures.
Around 1.29 lakh Adani Total Gas shares changed hands on BSE today, which was more than five times compared to the company's two-week average volume of 25,000 shares. Turnover on the counter stood at Rs 31.10 crore, commanding a market capitalisation (m-cap) of Rs 2,58,196.91 crore.
There were 45,236 sell orders on BSE today against nil buy orders.
"Adani Total Gas looks bearish but very oversold on the daily charts. Investors should buy only if close is above Rs 2,567. Rs 2,095 will be the next support," said AR Ramachandran from Tips2trades.
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 20.26. 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 666.07.
Yet, Adani Total Gas has an average target price of Rs 2,625, Trendlyne data showed, suggesting a potential upside of 12.06 per cent. The scrip has a one-year beta of 1.39, indicating high volatility.
Other nine listed Adani Group stocks (including recently acquired ACC, Ambuja Cements and NDTV) traded on a mixed note today. Adani Enterprises, Adani Ports, ACC and Ambuja Cements advanced in early deals, while Adani Power, Adani Transmission, Adani Green, Adani Wilmar and NDTV declined.
Adani Power, Adani Wilmar and NDTV slumped 5 per cent, each, to touch their lower circuit levels today.
Adani Transmission cracked up to 19.89 per cent to hit a day low of Rs 1,610; while Adani Green Energy slumped 18.99 per cent to touch a low of Rs 1,202.55.
In contrast, Adani Enterprises, Adani Ports, ACC and Ambuja Cements jumped up to 10 per cent.
Meanwhile, Indian equity benchmarks traded slightly higher today as losses in consumer and energy stocks were countered by gains in state-owned lenders and technology shares.
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