Shares prices of Adani Group stocks fell up to 13 per cent on Wednesday erasing Rs 90,000 crore off their combined market capitalisation by 12 pm. All 10 Adani companies traded in the red which led to massive losses.
Among the Adani Group companies listed on the market, the worst performer was Adani Green Energy which tanked 13 per cent to Rs 1,650 per share on the NSE. This was the biggest single day drop that Adani Green Energy shares witnessed in 2024 so far.
Meanwhile, Adani Enterprises and Adani Ports & SEZ traded with losses of 5.5 per cent and 5.3 per cent, respectively. Adani Energy Solutions, Adani Power, Adani Total Gas, NDTV and Adani Wilmar also fell between four and seven per cent.
Adani Enterprises has been experiencing a continuous decline for the past seven days, after reaching a peak of nearly 100 per cent above its lowest value of Rs 1,573 recorded in the past year.
Adani Group stocks have collectively experienced a decrease in market capitalisation of Rs 90,000 crore, which accounts for 5.7 per cent of the group's total market cap of approximately Rs 15.85 lakh crore as of Tuesday.
Earlier, HSBC and Motilal Oswal, brokerage firms, increased their target prices for Adani Ports and reiterated their recommendation to buy the stock. This decision was based on the February data, which indicated that the company may exceed its projected cargo volume for the entire fiscal year.
Adani Enterprises received coverage initiation from Jefferies on February 13, with a buy recommendation. Jefferies predicts that the company's EBITDA will double by FY26, reaching Rs 21,449 crore. They have set a target price of Rs 3,800 for the stock.
