Adani Group Stocks Extend Plunge Thursday As FPO Called-Off, SEBI Said To Open Probe

Stocks of the Adani Group continued their downtrend as markets opened on Thursday. All of the 10 listed stocks of the group opened in the red.

What Happened: A day after Adani Enterprises' follow-on public offer was fully subscribed, the company's board of directors announced that the company will not go ahead with it. 

In a statement, the company said that it is calling off the ₹20,000 crore FPO "to protect the interest of its investing community."

The stock, which has been seeing a downward trend since US-based Hindenburg Research's allegation, tanked around 28.45% to ₹2,128.70 on Wednesday. 

More Troubles

To add to the company's woes, Credit Suisse has decided to stop accepting bonds of Adani group as collateral for margin loans to its clients. As per a Bloomberg report, the Switzerland-based investment banking company has halted accepting bonds issued by Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Electricity Mumbai ltd.

See Also: Top 10 Richest People In India In February 2023

Citigroup’s wealth arm has also halted margin loans on Adani securities, following in the footsteps of Credit Suisse.

Media reports also state that India's capital market regulator, SEBI, is increasing scrutiny of the Adani Group and is looking into the allegations laid in the Hindenburg report.

Price Action: This is how the Adani Group shares traded as the markets opened on Thursday.

Adani Enterprises shares traded 10% lower at ₹1,915.85.

Adani Green Energy was down 10% to trade at ₹1,038.05.

Adani Ports & SEZ was down 10% to trade at ₹442.95.

Adani Power shares traded 10.60% lower at ₹202.15.

Adani Total Gas shares traded 10% lower at ₹1,711.55.

Adani Wilmar shares plunged to hit lower circuit at open, down 5% to ₹421.45.

Adani Transmission shares were down 10% to ₹1,557.25.

Ambuja Cement shares traded 1.1% lower at ₹332.60. ACC shares traded 0.36% lower at ₹1,838.30.

NDTV was down 5% to trade at ₹222.85.

Read Next: Mukesh Ambani Is Once Again India’s Richest Man As Gautam Adani’s Companies Take Massive Beating At Share Market

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