Adani News Live Updates: Adani Ant, Adani Ports share price hits upper circuit of 10%, others still bleeding

 

• Adani Enterprises News Live Updates: Subscription to Adani's ₹20,000 crore FPO opened on exchanges on January 27, and will close on January 31. The minimum price for FPOs has been fixed at ₹3,112 and the maximum price for all categories of investors is ₹3,276 per FPO equity share.

Adani's ₹20,000 crore follow-on public offer (FPO) witnessed muted demand from all categories of investors on the first day due to heavy selling in the group's listed shares following the Hindenburg Research allegations. Adani's shares will be in focus on Monday. Adani Enterprises, the flagship company of the group, launched the FPO on January 27 and will close on January 31. The price band for the issue has been fixed at ₹ 3,112 and ₹ 3,276 per FPO equity share, which is at a discount to the current market price levels.

Jan 30, 2023, 09:46:00 AM IST

Adani Power, Adani Wilmar hit 5% lower circuit again

Adani Power and Adani Wilmar hit the lower circuit of 5 per cent for the third consecutive day on Monday.

Currently, Adani Power is trading at ₹235.65 per share and Adani Wilmar at ₹491.45 per share on BSE.

Jan 30, 2023, 09:36:07 AM IST

Adani Ent, Adani Ports Zoom

On Monday, Adani Enterprises and Adani Ports recovered some of the previous losses. Both the stocks are trading near intraday highs.

At the time of writing, the stock of both Adani Enterprises and Adani Ports have hit 10% upper circuit at ₹3,038.35 per share and ₹658.45 per share on the BSE.

Jan 30, 2023, 09:30:26 AM IST

Blame:

"We reveal the findings of our 2-year investigation, presenting evidence that the ₹17.8 trillion ($218 billion) Indian conglomerate Adani Group was a shameless stock during this period," said Hindenburg's research report on January 24. Manipulation and accounting fraud have been involved in the scheme. For decades."

However, Adani's top management had denied Hindenburg's allegations, calling the latter's research report a "maliciously mischievous, unrefined report". The management has also invoked the Hindenburg report with the main objective of stalling Adani's ₹20,000 crore FPO, one of the largest follow-on public offers in India. Also, Adani has given detailed clarification on Hindenburg's allegations.

Jan 30, 2023, 09:28:29 AM IST

Why did Adani's FPO launch see sluggish demand?

The demand came down after Hindenburg Research, a US-based firm, accused Adani of stock manipulation and fraud schemes. This led to a sell-off in Adani shares on Friday, which dragged down the broader market as well.

Last week, on Friday, most of the shares of Adani Group hit their lower circuit which meant that many sellers were present but no buyers. Adani Transmission, Adani Green Energy and Adani Total Gas closed at 20-20% lower circuit on January 27. Whereas Adani Power and Adani Wilmar also had difficulty in locking in 5-5% lower circuit. Besides this, Adani Ports also struggled towards the end of the day and fell over 16%.

Meanwhile, Adani's flagship company, Adani Enterprises, which launched its FPO on Friday, fell at least 20% before closing at ₹2,762.15 per share on the BSE.