Sunday, March 26, 2023

Adani Group: Adani Group’s rebound rally loses steam, shares down 4 – Usky News

MUMBAI: After five consecutive sessions of one-sided gains for all 10 Adani Group stocks, four scrips on Thursday closed with losses along with major Adani Enterprise. Four group stocks also closed at their respective 5% upper circuit level while two – Adani Wilmar and ndtv – closed with gains of 2.9% and 1.4%, respectively.
At the end of the session, the combined market capitalization of the group rose marginally by Rs 4,359 crore to Rs 9.2 lakh crore. In the last seven sessions, the group has added around Rs 2.4 lakh crore to its market valuation, BSE data quoted by TOI showed.

Shares of the airport-based media group of companies have tumbled after US-based short-seller Hindenburg Research alleged accounting fraud, stock price manipulation and other corporate wrongdoing in a report published on January 24. The group had denied all allegations. In just over a month after the report was published, the group’s combined market capitalization had plummeted by more than 70%, but has since regained some lost ground. By Thursday’s close, it was down 52% from January 24 levels.
Shares of the group traded in mixed trade on a day when the Sensex fell 542 points to close below the 60,000-mark again at 59,806. The day’s decline is due to the aggressive words of the head of the US Federal Reserve Jerome Powell Which clearly indicated that the rate of interest in the world’s largest economy is headed north. Higher rates in the US could mean a stronger dollar as well as a sell-off in riskier assets, including emerging market stocks like India, by foreign funds.
At the end of trade, foreign investors were net sellers to the tune of Rs 562 crore, BSE data showed, while the rupee settled at 81.98 against the dollar from 82.06 on Wednesday at the inter-bank forex market.


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