Adani Group Stocks Begin Fresh Week Deep In Red As Standard Chartered Delivers Latest Jolt

Nine of Adani Group stocks were trading in the red as the markets opened on Monday.

What Happened: The conglomerate's woes continued on multiple fronts even as it may have found some respite domestically. 

British multinational bank Standard Chartered reportedly joined Citigroup and Credit Suisse as it stopped accepting Adani Group stocks as collateral for margin loans. 

An ET report also suggests that the company looks to drop its plan to raise $500 million from overseas bonds.

This comes as the Congress party continues to exert pressure on the government both inside and outside the parliament to act against the group. The party will hold nationwide protests today outside Life Insurance Corporation (LIC) offices and State Bank of India (SBI) branches. 

Both entities are facing heavy losses as the Group's stocks continue to plummet. However, Finance Minister Nirmala Sitharaman in a statement said that the companies are not overexposed and the country's regulators "will do their job."

In a supposed relief, a report in the Mint suggests that domestic banks may allow the group to continue using the sanctioned unused credit lines extended to the companies.

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

Adani Enterprises shares traded 4.67% lower at ₹1,510.25.

Adani Green Energy was down 5% to trade at ₹887.55.

Adani Ports & SEZ was up 1.25% to trade at ₹505.10.

Adani Power shares traded 5% lower at ₹182.45.

Adani Total Gas shares traded 5% lower at ₹1,544.70.

Adani Wilmar shares plunged to hit lower circuit at open, down 5% to ₹380.40.

Adani Transmission shares were down 10% to ₹1,261.40.

Ambuja Cement shares traded 2.60% lower at ₹363.95. ACC shares traded 0.90% lower at ₹1,908.90.NDTV was down 3.87% to trade at ₹203.55.

See Also: ‘India Is Not Adani,’ Porinju Veliyath Says Group’s Stocks Falling To ‘Reasonable Levels’ Won’t Cause ‘Systemic Damage’ To Wider Market

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Posted In: adani enterprisesAdani GroupLICNirmala SitharamanSBIStandard Chartered