Adani Power, Adani Ports, Adani Green & group's other stocks fall up to 13%; which Adani shares to buy?

Adani Group stocks dropped sharply during the trading session on Wednesday as the sell-off in the broader markets intensified and spread across the largecap pack and headline indices. The listed entities of Gautam Adani's conglomerate were down up to 13 per cent during Wednesday's trade, with some hitting the lower circuit levels.

Adani Green Energy Ltd led the laggards from Adani Group. The green energy player tumbled 13.36 per cent to Rs 1,645 on Wednesday, compared to previous close at Rs 1,898.75 on Tuesday. The total market capitalization of the company slipped below Rs 2.7 lakh crore mark.

Adani Enterprises Ltd, the flagship company of Adani Group, was down 8.62 per cent to Rs 2,851.50 on Wednesday, compared to its previous close at Rs 3,120.65 on Tuesday. The total market capitalization of the Adani Group firm stood more than Rs 3.25 lakh crore for the session.

Adani Ports and Special Economic Zone Ltd, another blue-chip from Gautam Adani's empire, tumbled about 8.6 per cent to Rs 1188.60 on Wednesday, with its market capitalization holding above Rs 2.5 lakh crore mark. The stock had settled at Rs 1,300.25 in the previous trading session.

Among other cash market counters of Adani Group, including Adani Adani Total Gas and Adani Energy Solutions were also hammered sharply. The former one tanked 9.33 per cent to Rs 873.80, with its total market valuations falling below Rs 1 lakh crore mark. The latter one crashed about 8.7 per cent to Rs 946.50, barely holding Rs 1 lakh crore mcap.

Adani Wilmar Ltd declined more than 6 per cent to Rs 326.05, while Adani Power was locked in the lower circuit limit of 5 per cent to Rs 528.10 during the session, with a total valuations of more than Rs 2 lakh crore. Acquired entities like ACC and Ambuja Cements tumbled 8 per cent and 6 per cent respectively. New Delhi Television (NDTV) also skid over 8 per cent.

Some of Adani Group companies were down for the seventh straight session. Adani Group stocks dropped in tandem with the selling across all segments of the markets. Cumulatively, all seven listed entities of Adani Group lost about Rs 1 lakh crore of their mcap.

Adani Group stocks have delivered multibagger returns to the investors in the last few months, following the carnage triggered by the damning Hindenberg Research report, wherein the US-based short seller accused the Adani Group of financial malpractices and misinformation.

Domestic brokerage firm Ventura Securities is positive on Adani Energy Solutions. The domestic broker had initiated coverage on the stock with a 'buy' rating and a target price of Rs 1,600 on the stock. The brokerage, in an interaction with Business Today TV said the investors should buy the dips in Adani Enterprises and Adani Ports, if one is interested in the Adani Group stocks.
 

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