All but one Adani Group stocks decline, two hit the lower circuit

Adani Green was also scheduled to hold its board meeting but deferred it to May 24, citing 'certain exigencies'


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Shares of almost all companies of the Adani group declined on Monday after boards of two firms approved proposals to raise as much as $2.6 billion, with market watchers flagging concerns about potential equity dilution.
Adani Enterprises slid 2.5 per cent on the day after the firm got a nod to raise as much as ~12,500 crore via a qualified institutional placement or other modes, according to an exchange filing on Saturday.

Adani Transmission, meanwhile, can seek up to ~8,500 crore via similar methods, the utility said separately. The stock, which slumped last week amid global index provider MSCI’s move to exclude it from an India gauge, lost over 5 per cent to hit the lower circuit.
“The approved fundraising is causing dilution concerns,” said Deepak Jasani, head of retail research at HDFC Securities, adding that the MSCI decision has also hurt sentiment for group stocks in general.

Most of the listed Adani Group stocks ended in the red on Monday even as both the Nifty50 and the Sensex were up. Only ACC (up 0.2 per cent) ended in green.  
The fundraising plans from Adani come as the ports-to-power conglomerate continues a comeback strategy after being hit by allegations of accounting fraud and stock manipulation from US short-seller Hindenburg Research in late January. While the group has denied the accusations, it has been in damage repair mode ever since and has tried to win back investors with roadshows and early debt repayments.

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Adani Green was also scheduled to hold its board meeting but deferred it to May 24, citing ‘certain exigencies.’
Topics : Adani Group

First Published: May 15 2023 | 10:47 PM IST

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