Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Topics
Adani Group | Adani Enterprises
Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
It was another day of declines for Adani group stocks on Monday, with six out of the 10 listed firms ending with losses.
Flagship company Adani Enterprises (AEL) saw its share price decline by 0.7 per cent to close at Rs 1,572.4, extending its year-to-date (YTD) loss to nearly 60 per cent. Adani Ports & SEZ, on the other hand, rose 9 per cent to close Rs 546. Adani Total Gas, Adani Green Energy, Adani Power and Adani Wilmar hit their 5 per cent lower limit, while Adani Transmission too hit a 10 per cent lower circuit.
Aswath Damodaran, a valuation expert and Professor of Finance at New York University Stern School of Business, wrote that the market was overstretched when it valued the Adani companies collectively at $220 billion (Rs 17,600 billion) and Adani Enterprises at $53 billion (Rs 4,243 billion). He arrived at a price target of Rs 945 for AEL.
The Adani group stocks have shed Rs 9.4 trillion in market value since January 24 after US-based Hindenburg Research accused it of brazen stock manipulation, accounting fraud, and use of extreme leverage. On Monday, the group’s mcap fell another Rs 27,447 crore to finish at Rs 9.82 trillion.
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Mon, February 06 2023. 23:06 IST
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Author: Ricardo Goulart ... Read more
Author: Gerardine Lucero  ... Read more
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more