Shares of eight out of 10 group companies closed in the red. (file)
New Delhi:
Shares of most of the Adani group companies ended lower on Friday, with flagship company Adani Enterprises falling 4 per cent, following index provider MSCI’s decision to cut the free-float weights of some of the group companies in its indices.
Shares of eight of the 10 group companies closed in the red, while shares of two companies closed in the green zone on Friday.
The market cap of Adani group companies fell again by 3.3 per cent on February 10 following MSCI’s decision to cut free float weights of some group companies in their indices.
Deepak Jasani, head of retail research at HDFC Securities, said, “The group’s market cap is now 51 per cent lower than what it was on January 24.”
Shares of Adani Enterprises closed 4.15 per cent down at Rs 1,847.35 on the BSE. During the day, it declined 10 per cent to Rs 1,734.60 – its lower price band on the exchange.
The market valuation of the flagship company fell by Rs 9,114.31 crore to Rs 2.10 lakh crore.
Adani Power closed at Rs 164.30, Adani Transmission at Rs 1,186.15, Adani Green Energy at Rs 723.90 and Adani Total Gas at Rs 1,258.25. Shares of these companies declined over 5 per cent and their closing levels touched the respective lower circuit levels on the exchange.
During the day, shares of Adani Transmission, Adani Green Energy and Adani Total Gas touched their 52-week low of Rs 1,186.15, Rs 723.90 and Rs 1,258.25, respectively, on the exchange.
Besides this, the stock of NDTV fell 3.65 per cent to close at Rs 208.65, ACC fell 1.85 per cent to close at Rs 1,881 and Adani Wilmar fell 0.95 per cent to close at Rs 436.10 on BSE.
However, shares of Ambuja Cements rose 0.85 per cent to close at Rs 361.05 and Adani Ports and Special Economic Zone rose 0.31 per cent to close at Rs 583.85.
Meanwhile, the 30-share BSE benchmark index Sensex closed 123.52 points or 0.20 per cent lower at 60,682.70 on Friday.
Shares of the group companies took a beating on the exchanges after US-based short-seller Hindenburg Research came out with an adverse report about the Adani Group on January 24.
Earlier, MSCI Inc said it has received feedback from several market participants regarding the eligibility and free float determination of specific securities belonging to the Adani Group for the MSCI Global Investable Market Index (GIMI).
MSCI defines the free-float of a security as the proportion of outstanding shares that are considered available for purchase by international investors on public equity markets.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group company.)
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