Adani stocks cool off after 3-day surge; save for three, rest shed 0.5-6%

Flagship Adani Enterprises declined the most at 6 per cent after a three-day 40 per cent surge

BS Reporter Mumbai

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The gains in Adani group stocks tapered off on Wednesday after a three-day surge. Three Adani stocks — New Delhi Television, Adani Transmission and Adani Total Gas-rose 5 per cent each, but the rest of the pack declined anywhere between 0.5 and 6 per cent.  
Flagship Adani Enterprises (AEL) declined the most at 6 per cent after a three-day 40 per cent surge.
In the past three days, the Adani group saw a 20 per cent surge in market value following the Supreme Court-appointed panel's report and US-based GQG Partners's decision to hike its's stake.
In their interim report, the six-member expert panel said they didn't find any conclusive evidence to support allegations made by the Hindenburg. "There is a bit of profit booking after the stocks rose on the back of newsflows in the last few days. Till Sebi's final report on its investigation on the group is out, there is nothing to look forward to that could trigger a move in the group stocks," said U R Bhat, co-founder. Alphaniti Fintech.
Adani Enterprises put under ASM framework 
Leading bourses BSE and NSE will put the securities of AEL under the short-term additional surveillance measure (ASM) framework from Thursday.  The parameters for shortlisting under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.

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First Published: May 24 2023 | 6:05 PM IST

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