Adani Ports shares fall to a new 52-week low, as the m-cap falls below Rs 1 lakh crore.
Adani Ports and Special Economic Zone (Adani Ports) shares began substantially lower on Thursday, hitting the lower circuit as its market worth fell below Rs 1 lakh crore. However, Adani Group’s bluechip rival recovered well, with the stock rising significantly.
Adani Ports’ shares fell by 20% on the day, reaching a new 52-week low of Rs 423, after falling by 14% from the previous closing. Its whole market capitalization fell to Rs 91,373.88 crore. Surprisingly, the stock opened higher, reaching Rs 519 early in the day.
Adani Ports’ shares have dropped 31% in only two sessions, with the stock closing at Rs 623 on Monday, January 31. The stock has dropped 40% in the last week, and it has lost 48% of its value in the last month. The stock has lost more than 57% of its value since its 52-week high of Rs 987.8 on September 20, 2022.
Bloomberg reported earlier today that Citigroup Inc.’s wealth unit has stopped accepting Adani Group stocks as collateral for margin loans. This comes as banks increase their scrutiny of Gautam Adani’s conglomerate’s finances in the aftermath of the Hindenburg investigation, which accused the business of stock manipulation and accounting fraud.
Gautam Adani, Founder and Chairman of the Adani Group, stated on Thursday that the fundamentals of our company are quite robust. Our balance sheet is in good shape, and our assets are strong. Adani stated that his company will continue to focus on long-term value generation and expansion, which will be handled by internal accruals.
Adani Ports and Special Economic Zone, on the other hand, has completed the acquisition of Oiltanking India GmbH’s 49.38 percent equity stake in Indian Oiltanking (IOTL), one of India’s largest developers and operators of liquid storage facilities, the company said in an exchange filing on Wednesday.
Adani Ports’ board of directors will meet on February 7, Tuesday, to review and approve the company’s performance for the fiscal year ended December 31, 2022, according to a separate exchange filing.