Shares of Adani group firms such as Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Energy Solutions Ltd, Adani Power and Adani Total Gas Ltd fell up to 6 per cent in Monday's trade amid a global stock market selloff and a Bloomberg Television’s 'Inside Adani' report that suggested the Adani group Chairman Gautam Adani plans to step down at 70 and would shift control to his scions in the early 2030s. Business Today could not independently verify the report.
Adani Enterprises, the group flagship, declined 3.78 per cent to hit a low of Rs 3,041.15 on BSE. Adani Power tanked 5.67 per cent to a low of Rs 685.20. Adani Energy Solutions plunged 6.41 per cent to Rs 1,180.10. Adani Ports was down 4.89 per cent at Rs 1,510.15.
Adani Green Energy slipped 4.77 per cent to Rs 1,790.70, Adani Total Gas 4.43 per cent to Rs 868.20, ACC 2.2 per cent to Rs 2,381.80 and Ambuja Cements 2.01 per cent to Rs 637.75. NDTV shares fell 2.45 per cent to Rs 213. Adani Wilmar was the only Adani group stock trading higher. It was up 1.37 per cent at Rs 388.25.
“Succession is very, very important for the business sustainability,” Gautam, 62, said in his 16th-floor office at the group’s Ahmedabad headquarters. “I left the choice to the second generation as the transition must be organic, gradual and very systematic,” Bloomberg quoted him as saying.
This was the first time ever that Gautam Adani has spoken about his succession plans. As per Bloomberg report, the handover will have to contend with ongoing questions following Hindenburg, perceptions of key-man risk around Gautam, the maze of entities and trusts that hold the family’s company shareholdings — and the complexities thrown up by the succession plan itself, the report suggested.
When the group founder does step back, the joint decision-making will continue, the Adani children said in separate interviews — even in the event of a crisis or a major strategic call.