Adani Group’s Sell-Off Escalates as Stocks Plummet Up to 13% Amidst Weak Market Sentiment on March 13. All 10 Adani Counters Suffer Losses, Erasing Approximately Rs 90,000 Crore in Combined Market Capitalization by Noon.
Adani Green Energy Takes the Hardest Hit, Tumbling 13% to Reach an Intraday Low of Rs 1,650 per Share on the National Stock Exchange (NSE).
By Midday, Flagship Companies Adani Enterprises and Adani Ports & SEZ, Both Integral Components of the Frontline Nifty Index, Experience Losses of 5.5% and 5.3% Respectively, While the Nifty Index Itself Drops by 200 Points or One Percent.
This Marks the Seventh Consecutive Day of Decline for Adani Enterprises, Despite Its Trading Price Remaining Nearly 100% Higher Than Its 52-Week Low of Rs 1,573.
On March 13, Cement giants ACC and Ambuja Cement faced declines of 4.3 percent and 2.9 percent, respectively. Meanwhile, Adani Energy Solutions, Adani Power, Adani Total Gas, NDTV, and Adani Wilmar witnessed falls ranging between 4 and 7 percent.
The previous day, on March 12, brokerage firms HSBC and Motilal Oswal raised the target prices on Adani Ports while reiterating their “buy” calls on the stock. This decision followed the release of February data that bolstered confidence in the company’s ability to exceed higher cargo volume guidance for the fiscal year.
Additionally, Jefferies initiated coverage on Adani Enterprises with a “buy” rating on February 13. The firm projected a doubling of EBITDA by FY26 to Rs 21,449 crore and set a target price of Rs 3,800 on the stock. Key triggers cited for this optimistic outlook include the commissioning of the Navi Mumbai Airport and green hydrogen manufacturing units.
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