Adani Group: Adani Group’s rebound rally loses steam, 4 stocks down

MUMBAI: After five consecutive sessions of one-way gain for all the 10 Adani Group stocks, four scrips closed lower on Thursday with flagship Adani Enterprise leading the pack of laggards. Four stocks from the group also closed at their respective 5% upper circuit levels while two – Adani Wilmar and NDTV – closed with gains of 2.9% and 1.4%, respectively.
At the close of the session, the group’s combined market capitalisation went up by a modest Rs 4,359 crore to Rs 9.2 lakh crore. In the last seven sessions, the group has added about Rs 2.4 lakh crore to its market valuation, BSE data collated by TOI showed.

The stocks of companies from the airports-to-media conglomerate have been on a slide since US-based short-seller Hindenburg Research accused it of accounting fraud, stock price manipulation and other corporate malfeasance in a report published on January 24. The group had denied all the allegations. In over a month since the report was published, the combined market capitalisation of the group had plummeted by more than 70% but has recovered some of the lost ground since. By Thursday’s close, it was 52% below its January 24 level.
The mixed trading in the group’s stocks came on a day the sensex lost 542 points to close below the 60k mark again, at 59,806 points. The day’s slide came on the back of hawkish words from the US Federal Reserve chief Jerome Powell who clearly indicated that the rate of interest in the world’s largest economy was on a northward trajectory. A higher rate in the US could mean a stronger dollar as well as selling on risky assets, that include stocks of emerging markets like India, by foreign funds.
At close of trading, foreign investors were net sellers at Rs 562 crore, BSE data showed, while in the inter-bank forex market, the rupee closed stronger at 81.98 to the dollar from 82.06 on Wednesday.