Week Recap: ACC Weathered The OCCRP Storm Hitting Adani Stocks

The past week was a whirlwind for the Adani Group with its stocks showcasing a mixed bag of performances. The most noticeable of the lot was Adani Energy Solutions Limited which struggled with a steep decline of 7.83%.

This performance comes in the wake of a series of allegations and controversies surrounding the Adani Group. The Organised Crime and Corruption Reporting Project (OCCRP) released a report uncovering significant investments in Adani Group's publicly traded stocks through Mauritius-based funds, allegedly linked to the Adani family.

Adani StocksMonday OpenFriday closeWeekly MovementWeekly % change
Adani Enterprises Limited₹2,550.00₹2,450.05-₹99.95-3.92%
ACC Limited₹1,970.00₹2,011.25₹41.252.09%
Ambuja Cements Limited₹439.20₹433.90-₹5.30-1.21%
Adani Total Gas Limited₹657.90₹633.85-₹24.05-3.66%
Adani Energy Solutions Limited₹895.00₹824.90-₹70.10-7.83%
Adani Green Energy Limited₹997.10₹949.10-₹48.00-4.81%
Adani Ports and Special Economic Zone Limited₹816.00₹799.50-₹16.50-2.02%
Adani Power Limited₹332.00₹330.25-₹1.75-0.53%
Adani Wilmar Limited₹373.55₹352.25-₹21.30-5.70%
New Delhi Television Limited₹222.00₹215.80-₹6.20-2.79%

Opening at ₹895.00, the Energy Solutions Limited stock saw a sharp descent to ₹824.90 by the close of Friday. This significant drop of ₹70.10 marked the highest weekly percentage change among the Adani stocks.

On the other end of the spectrum, ACC Limited, although not the usual spotlight holder, outperformed its Adani peers. With an opening price of ₹1,970.00, the stock witnessed a steady rise to ₹2,011.25, marking a weekly gain of ₹41.25, or a positive change of 2.09%.

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The other major Adani stocks such as Adani Enterprises LimitedAdani Ports and Special Economic Zone Limited, and Adani Green Energy Limited, also saw a downward trend. Adani Enterprises Limited fell by 3.92% from ₹2,550.00 to ₹2,450.05. The Ports and Special Economic Zone Limited stock dipped 2.02%, closing at ₹799.50 from an opening value of ₹816.00. Adani Green Energy Limited witnessed a drop of 4.81%, closing the week at ₹949.10.

This downturn follows the group’s ongoing struggle at the markets that started earlier this year when Hindenburg Research, a U.S.-based firm raised red flags about the governance practices within the Gautam Adani-led conglomerate.

Notably, Ambuja Cements Limited also saw a slight decline of 1.21% over the week, with the closing price settling at ₹433.90.

Amidst these developments, the Securities and Exchange Board of India (SEBI) has reportedly unearthed certain disclosure lapses and discrepancies in offshore fund holdings in its probe into the Adani Group. However, the exact nature and extent of these breaches remain under wraps.

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Posted In: EquitiesMarketsAdani Group