Adani Group Stocks Crash Heavily As Early Election Trends Give Investors Jitters

After a meteoric rise on Monday, shares of the Adani Group companies crashed heavily as early election trends started coming in.

What Happened: The markets that registered their best day in three years on Monday are seeing heavy correction in early trade on Tuesday. The correction comes as early election trends show that while the Narendra Modi-led NDA looks set to cross the majority mark, the quantum of the win might not be what was earlier predicted.

Shares of all 10 Adani Group companies were in the red. Most of the stocks were down over 5%. The benchmark indices are also reeling in the red in early trade, down around 3%.

Last week, London-based Snowcap Research released a report accusing Adani Green of inflating its financial metrics, overstating cash flow estimates, and relying heavily on related party transactions. The company has denied these accusations.

Price Action: Here is how Adani Group stocks traded on Tuesday morning.

ACC Ltd shares traded 5.09% lower at ₹2,541.20.

Adani Enterprises Ltd shares traded 7.66% lower at ₹3,366.25.

Adani Green Energy Ltd traded 6.59% lower at ₹1,903.45.

Adani Ports and Special Economic Zone Ltd traded 6.83% lower at ₹1,476.75.

Adani Power Ltd shares traded 4.51% lower at ₹835.50.

Adani Total Gas Ltd traded 8.00% lower at ₹1,030.25.

Adani Wilmar Ltd shares traded 4.59% lower at ₹351.45.

Ambuja Cements Ltd traded 7.40% lower at ₹620.95.

New Delhi Television Ltd shares traded 8.05% lower at ₹242.05.

Read Next: Share Market Crashes As Early Election Trends Show Tougher Contest Than Exit Polls Predicted

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Posted In: EquitiesNewsMarketsMoversTrading IdeasACCAdani Energyadani enterprisesAdani GreenAdani GroupAdani PortsAdani PowerAdani Total GasAdani WilmarAmbuja CementNDTV