Adani-Hindenburg row: Stocks plummeted the most and cues to watch for next week

Performance of Adani group stocks in the last week

ACC Ltd recorded a market value of ₹36,181 Cr on Friday’s closing when the share price closed at ₹1,920, up by 4.28% from the previous close however in the last week the stock has plummeted by more than 5%. On Friday the stock recorded a delivery volume average of 38,615,013 shares compared to the delivery volume average of 70,814,831 shares in the last week.

The shares of Adani Enterprises closed on Friday on the NSE at ₹1,531, down by 2.19% from the previous close, however in the last week the stock has fallen around 50%. Adani Enterprises recorded delivery volume average of 505,519,232 shares compared to the delivery volume average of 345,573,935 shares in the week.

The shares of Adani Green Energy closed on the NSE on Friday at a fresh 52-week-low level of ₹935.90, down by 10.00% from the previous close. In the last week the stock has fallen by around 30%. On Friday, the scrip recorded a delivery volume average of 41,440,911 shares against a delivery volume average of 172,186,439 shares in the week.

The shares of Adani Ports and Special Economic Zone Limited on the NSE on Friday closed at ₹488.40 apiece, up by 5.61% from the previous close. In the last week the stock has fallen around 25%. On Friday, the scrip recorded a delivery volume average of 1,933,543,200 shares against delivery volume average of 1,362,144,381 shares in the week.

The shares of Adani Power closed on the NSE at a lower circuit limit of ₹191.95 apiece on Friday, down by 5% from the previous close. In the last 1 week since the Hindenburg report the stock has fallen around 20%. The stock recorded a delivery volume average of 112,530,701 shares compared to the delivery volume average of 301,325,440 shares in the week.

The shares of Adani Total Gas closed on the NSE at a lower circuit limit of ₹1,622.35 apiece on Friday, down by 5% from the previous close. In the last week the stock has fallen around 35%. The scrip recorded a delivery volume average of 7,258,852 shares compared to delivery volume average of 39,353,603 shares in the week.

The shares of Adani Transmission closed on the NSE at a lower circuit limit of ₹1,396.05 apiece on Friday, down by 10% from the previous close. In the last 1 week the stock has fallen by 25% approx. The scrip recorded a delivery volume average of 11,921,100 shares against the delivery volume average of 81,262,466 shares in the week.

The shares of Adani Wilmar closed on the NSE at a lower circuit limit of ₹399.95 apiece on Friday, down by 5% from the previous close. However, in the last week post the Hindenburg report, the stock has fallen by 20% approx. The scrip recorded a delivery volume average of 77,008,557 shares as compared to the delivery volume average of 182,609,453 shares in the last week.

The shares of Ambuja Cements closed on the NSE at ₹372.15 apiece on Friday, up by 5.56% from the previous close. However, in the last 1 week the stock has fallen by more than 12%. The stock posted a delivery volume average of 1,539,322,656 shares compared to the delivery volume average of 1,919,252,671 shares in the week.

Key indicators to watch for next week

The power sector development organisation in Bangladesh, Bangladesh Power Development Board (BPDB), has requested a modification of the power purchase agreement (PPA) it entered into with Adani Power Ltd. to import energy from that company’s thermal power plant in Jharkhand, India.

On February 4, the market regulator Sebi stated about the Adani scandal that it has seen anomalous price movement in the shares of a company. “During the past week, unusual price movement in the stocks of a business conglomerate has been observed,” Sebi said. “As part of its mandate, Sebi seeks to maintain orderly and efficient functioning of the market and has put in place a set of well defined, publicly available surveillance measures to address excessive volatility in specific stocks,” it further added.

An offshore company called Opal Investment Pvt Ltd is one of Adani Power’s major shareholders, according to a WSJ report.

It was made clear by Axis Bank and BoB that they are still at ease with its exposure to the Adani Group.

Stocks of the Adani Group have been placed under NSE’s Additional Security Mechanism (ASM) surveillance list. Adani ENT, Ambuja Cement, and Adani Ports are among the stocks.

As of February 4th, according to the Bloomberg Billionaire Index, Gautam Adani leads the list of businesses that have lost the most money so far this year, followed by Mukesh Ambani and Radhakishan Damani.

Adani has dropped to number 21 in the ranking after losing $61.6 billion so far this year on a YTD basis. Adani, who was formerly one of the top three richest persons in the world, now has a net worth of $59 billion.