Adani Group Shares Tumble Amid Stock Market Volatility
The shares of the Adani Group, helmed by billionaire Gautam Adani, experienced a significant decline on Tuesday, May 30th, as seven out of its ten listed companies saw a drop in their share prices. The major decline was observed in Adani Total Gas, which fell 4.27% to close at Rs. 698.05 on the NSE. Adani Transmission was the second-most affected, as the share price dropped 3.35% to close at Rs. 804.30. Adani Wilmer also experienced a decline of 2.67% to close at Rs. 435.70, while Adani Power’s share price fell 2.07% to close at Rs. 251.10. Adani Enterprises, the group’s flagship company, saw a decline of 1.48% to close at Rs. 2,496.45.
Adani Green Energy’s share price also experienced a decline of 1.12% to close at Rs. 966.85, while Adani Ports’ share price fell 0.47% to close at Rs. 734.05. However, three of the Adani Group’s shares – ACC, Ambuja Cements, and NDTV – closed with gains. NDTV’s shares continued to remain locked in an upper circuit.
This decline in the Adani Group’s share prices comes at a time when several of its companies are under scrutiny due to their fourth-quarter results. The decline in Adani Total Gas’ share price was particularly significant, as it came on the heels of the company’s Q4 results, which showed a decline in net profit.
Earlier this year, the Adani Group was also hit with allegations of stock manipulation and accounting fraud by US-based financial firm Hindenburg Research. The group denied the allegations, but the stock prices of its companies fell by as much as 83% following the release of the report.
Despite the recent decline in share prices, the Adani Group remains one of India’s largest conglomerates with interests in various sectors, including ports, power, and renewable energy.
Follow DelhiBreakings on Google News
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com