Gujarat Exclusive > National-World > Adani shares slip for third straight day

Adani shares slip for third straight day

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  • Three of six listed companies of the group hit the lower circuit on Wednesday

Mumbai: The shares of Adani Group companies fell for the third consecutive day on Wednesday. Three of the six companies of the group hit the lower circuit, dropping by their daily limit. The shares of Adani Total Gas, Adani Power and Adani Transmission dropped 5 per cent each.

Adani Green Energy dropped 3.9 per cent, while shares of Adani Enterprises fell 3 per cent and those of Adani Ports and Special Economic Zone dropped 1.9 per cent.

Two days back, the shares of the group’s companies had plummeted after reports of National Securities Depository Ltd (NSDL) freezing the accounts of three Foreign Portfolio Investors (FPIs). The stocks of all the six listed companies had fallen by up to 25 per cent after the reports.

The drop came just days after Gautam Adani became the second richest Asian, replacing Chinese Zhong Shanshan. Monday’s plunge did not affect his position.

Later, the shares rebounded from their respective intra-day lows after the company clarified that the accounts were not frozen. In their statement, the companies had termed the reports “blatantly erroneous” and done “to mislead” the investors.

NSDL, too, confirmed that the three FPI accounts, which had significant stake in the companies, were “active”. This clarification is said to have prevented selloff of $500 million shares.

 

 

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