Shares of Adani group companies settled lower on Monday, with flagship company Adani Enterprises witnessing a 7 per cent downfall after credit rating firm Moody’s revised the rating outlook on four companies of the conglomerate to ‘negative’ from ‘stable’.
Amid volatile trading in the market, shares of the group companies closed in the red.
“Adani group stocks were under pressure today (on Monday). During the day, there was more negative news flow for the group which weighed on investor sentiment, including a sharp cut to the revenue growth target by the conglomerate along with a downward revision to the outlook of four Adani group companies by Moody’s,” Manish Chowdhury, head of research at Stoxbox, said.
“The Adani group stocks (including Ambuja, ACC and NDTV) have lost around Rs 10.2 lakh crore or about 53 per cent of their combined market cap since January 24th till today,” Chowdhury said.
On Monday, Adani Enterprises fall to 7.03 per cent to settle at Rs 1,717.55 apiece. During the day, the shares of the flagship company shrink by 10 per cent to Rs 1,662.65 each — also its lower circuit level on the BSE.
The flagship company’s market valuation declined Rs 14,797.22 crore to stand at Rs 1.95 lakh crore.
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