In morning trade on Monday, shares of the Adani group of companies fell, with the flagship company Adani Enterprises plummeting more than 4% after credit rating agency Moody’s changed the rating outlook for four of the conglomerate’s subsidiaries from “stable” to “negative.”
Adani Enterprises’ stock on the Bombay Stock Exchange (BSE) fell in early trade by 4.32 percent to Rs 1,767.60 per share, while shares of Adani Ports and Economic Zone fell by 2.56 percent to Rs 568.90 each.
A few of the group companies reached their lower pricing ranges as well. Adani Power shares fell to Rs 156.10, Adani Transmission shares to Rs 1,126.85, Adani Green Energy shares to Rs 687.75, and Adani Total Gas shares to Rs 1,195.35 during the morning session on the stock exchange.
These scripts all experienced a 5% drop. Ambuja Cements’ stock dropped 3.34 percent to Rs 349, Adani Wilmar’s dropped 3.31 percent to Rs 421.65, NDTV sank 2.25 percent to Rs 203.95, and ACC dropped 1.49 percent to Rs 1,853 on the BSE, respectively.
The 30-share BSE Sensex was down 393.56 points, or 0.65 percent, at 60,289.14 points during the morning session.
In a statement on Friday, Moody’s Investor Service stated that following research by US-based short seller Hindenburg Research, it has changed the rating outlook for four Adani Group entities from stable to negative.
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