Adani Group‘s Adani Total Gas and Adani Transmission saw shares crash 5% to hit the lower circuit as the market opened on Friday.
What Happened: The plunge in the two stocks comes as Morgan Stanley Capital International (MSCI) removed the two Adani Group companies from the MSCI India Standard Index. The index provider’s action could see outflows of $201 million in Adani Transmission and $186 million in Adani Total Gas.
The announcement seems to have soured the sentiment around the stocks. The stocks plunged deep into the red at market open today after closing higher yesterday. Several other Adani Group stocks including Adani Enterprises, Adani Power, and Adani Ports were also trading lower in the early hours of trading on Friday.
The MSCI updates come as several media reports suggest that the crisis-hit Adani Group is looking to raise funds through a stake sale. The group is said to have been in talks of raising $2 billion-$2.5 billion through a stake sale in three of its companies – Adani Enterprises, Adani Green, and Adani Transmission.
Price Action: Adani Total Gas shares slumped 5% to hit the lower circuit at ₹812.30. Adani Transmission shares crashed 5% to hit the lower circuit at ₹871.40 as the markets opened on Friday.
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