Adani Group Stocks Bleed After Steady Past Few Sessions: Here's Why

Shares of all 10 listed companies of the Adani Group opened in the red today halting the group’s recovery run.

What Happened: Adani Group stocks that have been seeing recovery at the bourses for the past two weeks slumped back in the red on Tuesday. The crash comes even as the government told the Lok Sabha that the volatility in Adani stocks has no ‘significant’ impact at the systemic level. The government also confirmed that India’s capital markets regulator is probing the allegations against the Adani Group.

The statement from the government comes as media reports surfaced stating that Ambuja Cement and ACC are not owned by the Adani Group but by Gautam Adani‘s brother Vinod Adani. A report in the Morning Context said that the special-purpose vehicle Endeavour Trade and Investment Ltd created for the purchase of buying the cement business is based in Mauritius and owned by Vinod Adani.

See Also: Reliance Industries Shares Continue Slump: Here’s What Going On

The group companies have been under scrutiny since the Hindenburg report came out in January. The Supreme Court had also recently ordered the formation of a committee to investigate the allegations against the company.

Price Action: Here’s how Adani Group companies fared early on Tuesday, shortly after markets opened for trading.

Adani Enterprises shares traded 5.88% lower at ₹1,763.40.

Adani Green Energy was down 2.08% to trade at ₹702.30.

Adani Ports & SEZ was down 2.39% to trade at ₹664.45.

Adani Power shares slumped 5% to hit lower circuit at ₹204.75.

Adani Total Gas shares traded 5% lower at ₹947.80.

Adani Wilmar was up 3.15% to trade at ₹421.75.

Adani Transmission shares were down 5% to ₹901.55.

Ambuja Cement shares traded 1.47% lower at ₹362.60. ACC shares traded 0.57% lower at ₹1,760.05.

NDTV was down 5% to hit lower circuit at ₹211.05.