Adani Ports slides 58% from 52-week high, out of top-50 most valued Indian companies

Adani Ports and Special Economic Zone (Adani Ports) continued to fall for another session as the stock opened at lower circuit of Friday. The fall in stock prices of India's largest port and port service provider pushed it out of the top-50 most valued Indian companies.

Shares of Adani Ports opened 10 per cent lower at Rs 415.80 on Friday, hitting a new 52-week low. However, the stock made a partial recovery to Rs 430.50 by 10.15 am. The scrip had settled at Rs 462 in the previous trading session.

Its market capitalisation slipped to Rs 87,375.8 crore, lesser than the likes of Tech Mahindra, Shree Cement, Godrej Consumer Products, Either Motors, Dabur India, Siemens and others. Adani Ports was pushed out of top-50 most valued companies of India.

Adani Ports, along with other Adani Group stocks, has been reeling under the intense selling pressure ever since Hindenburg Research's report was made public on January 24. The short-seller accused the Gautam Adani-led conglomerate pf various malpractices and manipulation of stock prices in its companies.

Shares of Adani Ports have plunged 58 per cent from its 52-week high at Rs 987.90 in September 2022. The stock has halved investor's wealth in the last one month, whereas it is down 35 per cent in the last one week.

Adani Ports and Special Economic Zone recently successfully concluded the acquisition of Oiltanking India GmbH’s 49.38 per cent equity stake in Indian Oiltanking (IOTL), which is one of India’s largest developer and operator of liquid storage facilities, the company said on Wednesday in an exchange filing.

The company board of Adani Ports will meet on February 7, Tuesday to consider and approve the results for the period ended on December 31, 2022, the company said in a separate exchange filing.

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Also read: Adani Enterprises shares hit 15% lower circuit on Dow exclusion, other Adani group stocks bleed