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Adani Group stocks report sharp losses as election trends defy exit poll predictions
Image Credit: Representational image from Wallpaper Cave

Adani Group stocks report sharp losses as election trends defy exit poll predictions

| @indiablooms | 04 Jun 2024, 01:50 pm

Mumbai: Adani Group stocks witnessed a massive drop of nearly 18 percent on Tuesday, taking a big hit after experiencing substantial gains in the last couple of trading sessions.

Adani stocks took a tumble apparently driven by the trends emerging contrary to the speculative positions, or scaling back their investments. The sudden sell off correction led to Adani Group's market value to drop over Rs 2.3 lakh crore.

Just a day before, the Adani stocks surged adding over Rs 1.4 lakh crore to the company value and pushing it close to Rs 20 lakh crore.

The Adani Group stocks took a hit in the morning, recording a big drop of nearly 18%. Several others followed suit with significant losses: Adani Energy Solutions (12% down), Adani Power (over 10% down), Adani Green Energy (7% down), and Adani Enterprises (7% down). The rest of the group wasn't spared either, with Adani Ports, Wilmar, Ambuja Cement, ACC, and NDTV all seeing drops ranging from 8% to 12%.

Adani Ports and SEZ plummeted 8 percent, Adani Wilmar dropped 8.5 percent, Ambuja Cement dipped 9.6 percent, ACC slipped 9% while NDTV witnessed 12 % erosion.

Adani Group stocks were on a hot streak after the conglomerate reported strong earnings for the year ending March 2024.

Their earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped an impressive 40% year-over-year to Rs 66,000 crore in FY24.

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