
After a short-lived recovery in the previous couple of sessions, shares of 10-listed Adani Group stocks tanked during the trading session on Tuesday. New agency Reuters reported that global rating agency Moody's has revised outlook on as many as seven Adani Group entities.
The pain in Adani Group intensified in the fag-end of the session with companies including Adani Green Energy, Adani Enterprises Ltd and Adani Energy Solutions crashing up 8 per cent during the day. The stock showed some resilience in the last two sessions due to the election rally, but a new round of scrutiny dented the sentiments once again.
Moody's rating has taken actions on seven Adani Group companies, said Reuters. According to its reports, Moody's has reaffirmed Adani Green Energy's rating to BA1 but outlook has been changed to negative from stable. The outlook has been changed for Adani Energy Solutions, formerly known as Adani Transmission Ltd, to negative, which was stable earlier.
Shares of Adani Green Energy tanked 7.72 per cent to Rs 893 on Tuesday, hitting a new 52-week low. The total market capitalization of the company slipped briefly and breached Rs 1.4 lakh crore mark. The stock has corrected nearly 60 per cent from its 52-week high at Rs 2,173.65, hit in June 2024.
Adani Enterprises, the flagship company of the Gautam Adani-led conglomerate, dropped as much as 5.4 per cent to hit day's low at Rs 2,135.80 for the day. The total market capitalization of the company was again down Rs 2.5 lakh crore. Adani Energy Solutions was also down 5 per cent to Rs 593.15 to test its new 52-week lows on Monday.
Adani Ports & Special Economic Zone Ltd crashed more than 4 per cent to Rs 1,119.15, while Adani Total Gas Ltd also tumbled up to 4 per cent to Rs 577.75 during the session. Adani Total Gas Ltd and Adani Wilmar Ltd were also down 3 per cent each during the session.
Among the acquired entities, Ambuja Cements Ltd dropped about 2.75 per cent, while ACC Ltd and New Delhi Television (NDTV) were down more than a per cent each. In short, all the 10 listed Adani group stocks were seen in red on Tuesday.
Earlier than this, another global rating agency Fitch put a few Adani group bonds on rating watch for a possible downgrade after US authorities indicted Gautam Adani and some key executives of the conglomerate on bribery charges.