Story by: Tanya Aneja
Designed by: Pragati
Shares of Adani Enterprises have corrected over 56% from its 52-week high of Rs 4,189.55, hit on December 21, 2022
Shares of Adani Enterprises are up over 80% from their recent low of Rs 1,017.10, hit on February 03, 2023
Shares of Adani Enterprises ended 5.8% higher at Rs 1,838.80 on March 15, 2023, on the Bombay Stock Exchange. Market cap of the firm rose to Rs 2,09,623.41 crore
"Adani Enterprises had witnessed a massive decline in the primary trend in January with huge volumes while in February, it had formed a double bottom formation at around Rs 1,000–1,100 levels. The double bottom looks like the "W" letter," says Pravesh Gour, Senior Technical Analyst, Swastika Investmart
"On the upside, the levels of Rs 2,050 operate as susceptible levels; above these, we can anticipate a protracted move towards Rs 2,400 in the shorter to longer term. On the downside, Rs 1,400 acts as crucial support during any pullback. This stock is highly volatile. As a result, investors are advised to avoid such counters," added Gour
Adani Group announced it has prepaid margin-linked share-backed financing worth $2.15 billion as part of its debt repayment plan, before its deadline of March 31
Hindenburg's report alleged stock manipulation and improper use of tax havens, and flagged debt concerns. However, Adani Group denied all the claims
Notably, the shares of Adani Enterprises have delivered a 1,000% return to its shareholders in the last 5 years
The content in the story is for information purposes only. Investors or market participants should consult their financial advisors before taking any position