Adani Group firms fall; Adani Enterprises tumbles 10%

Shares of Adani Group firms fell sharply on Wednesday, with all the listed firms ending in the negative territory, in line with an overall weak trend in the equity market.

The ten listed firms suffered a combined erosion of Rs 51,294.04 crore in their market valuation on Wednesday.

Adani Enterprises stock tumbled 10.43 per cent to settle at Rs 1,404.85 on the BSE. During the day, it tanked 11.94 per cent to Rs 1,381.05.

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Shares of Adani Ports declined 6.25 per cent, Adani Power slumped 5 per cent, Adani Transmission (5 per cent), Adani Total Gas (5 per cent), Adani Green Energy (4.99 per cent), Adani Wilmar (4.99 per cent) and Ambuja Cements (4.92 per cent).

NDTV dropped 4.13 per cent and ACC fell 3.97 per cent.

Many of the group firms also hit their lower circuit limits in the morning trade.

In the broader market, BSE Sensex fell 927.74 points or 1.53 per cent to settle at 59,744.98 points.

Also Read | Adani's troubles reflect India's woes

Adani Group stocks have taken a beating on the exchanges after US-based short seller Hindenburg Research last month made a litany of allegations, including fraudulent transactions and share-price manipulation, against it.

The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

All the ten listed firms have together lost Rs 11,62,030.29 crore in market valuation since the US short-seller came out with its report on January 24.

"Adani Group's market capitalisation is now down 70 per cent from its peak, from around Rs 25 lakh crore to 7.55 lakh crore," Rohan Shah, Head Technical Analyst at equity broking firm Stoxbox, said.