Ambuja Cements shares have had a rough start to the year along with other Adani Group stocks, however, its performance has been relatively strong. The stock slumped over 35% after the report came out to hit a new 52-week low of ₹315.30 this February. However, relatively it performed better than other Adani stocks which fell over 60%-70% after the report.
The Investment: On February 24, 2023 – a month after Hindenburg accused Gautam Adani of “pulling the largest con in corporate history” – the Adani Group company was priced at ₹345.25. With an investment of ₹10,000, you would have secured approximately 28 shares. Fast forward to today, with the stock price standing at ₹440, those shares would now be valued at approximately ₹12,746.
Background: The past few months have been tumultuous for stocks associated with the Adani Group, following allegations and reports, including the Hindenburg report.
The report was brought back into focus after George Soros-backed Organized Crime and Corruption Reporting Project released another report that provided fresh insights into alleged stock manipulation. However, the Adani Group has categorically denied these allegations, terming them as attempts to revive the “meritless” Hindenburg report.
Price Action: Ambuja Cements’ share price was down 0.10% to trade at ₹440.70 in the late hours of trading on Tuesday.
Disclaimer: Benzinga India doesn’t give financial advice. The above article is for educational purposes alone.
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