Most Adani Group firms hit lower circuit limit as Lok Sabha election result defies expectations

New Delhi: Shares of all Adani Group companies tumbled on Tuesday, with many firms hitting their lower circuit limit, as counting trends showed the ruling BJP may fall short of a clear majority in the Lok Sabha elections.

The combined market valuation of all the 10 listed firms eroded by Rs 3.64 lakh crore, tracking sharp declines in the group companies.

At the close of trade, the stock of Adani Ports plummeted 21.26 per cent, Adani Energy Solutions plunged 20 per cent, group's flagship firm Adani Enterprises tanked 19.35 per cent, Adani Green Energy dived 19.20 per cent on the BSE.

Adani Total Gas declined 18.88 per cent, NDTV went lower by 18.52 per cent, Adani Power slumped 17.27 per cent and Ambuja Cements tumbled 16.88 per cent.

Shares of ACC plunged 14.71 per cent and Adani Wilmar dropped 9.98 per cent.

Eight of the 10 group firms hit their lower circuit limits during the day.

In intra-day trade, Adani Enterprises plunged 25 per cent to hit the lower circuit limit.

Shares of Adani Ports dived 25 per cent to its lower circuit limit and Ambuja Cements crashed 22.5 per cent to hit the lowest trading permissible limit for the day.

Adani Power nosedived 20 per cent to its lowest trading permissible limit for the day and Adani Energy slumped 20 per cent to its lower circuit level.

The stock of Adani Green plummeted 20 per cent to hit the lower circuit level and Adani Total Gas cracked 19.89 per cent.

NDTV dropped 19.98 per cent, ACC went lower by 19.69 per cent to its lower circuit level and Adani Wilmar declined by 10 per cent to hit the lower circuit limit.

The combined market valuation of all the 10 listed companies stood at Rs 15,78,346.79 crore, recording a loss of Rs 3,64,366.12 crore from Monday's gain.

At the close of trade on Monday, the combined market valuation of all the 10 listed firms stood at Rs 19,42,712.91 crore.

Stocks of seven of the group firms, including Adani Enterprises, Adani Energy, Adani Green and Adani Total, fell below their pre-Hindenburg Research report levels with Tuesday's crash.

Erasing the record-rally of the previous trade, the 30-share BSE Sensex dropped 4,389.73 points or 5.74 per cent to settle at 72,079.05, and the Nifty slumped 1,379.40 points or 5.93 per cent to 21,884.50.

During the day, the BSE benchmark tanked 6,234.35 points or 8.15 per cent to 70,234.43. The Nifty lost 1,982.45 points or 8.52 per cent to 21,281.45 during the day.

Shares of all Adani Group companies rallied sharply on Monday, with Adani Power surging nearly 16 per cent, in line with a massive surge in the equity market, taking the combined market valuation of the ten listed firms to Rs 19.42 lakh crore.

The stock of majority of the group firms, including Adani Enterprises, Adani Ports, Adani Power and Adani Green, had bounced back to their pre-Hindenburg Research report levels on Monday.

Trends from counting of votes on Tuesday threw up disappointing results for the BJP-led NDA in the Lok Sabha elections, which appears to be losing heavily in its strongholds of Uttar Pradesh, Haryana and Rajasthan although it is expected to form the government with about 290 seats.

Shares of all group companies surged on Friday by up to 14 per cent after US brokerage Jefferies put a bullish view on the group that is back to an expansion spree with a planned USD 90 billion capital expenditure over the next decade.

In 2019, there were five listed Adani Group firms -- Adani Enterprises, Adani Ports, Adani Power, Adani Green, Adani Energy and Adani Total. Their combined market valuation stood at Rs 1.81 lakh crore as on May 23, 2019.

In 2014, only three companies were listed -- Adani Enterprises, Adani Ports and Adani Power -- with a cumulative market valuation of over Rs 1.30 lakh crore as on May 16 that year.