Adani Group stocks plunge up to 13% amid market rout; erase Rs 90,000 crore in m-cap
Adani Group stocks plunged up to 13% on Wednesday, erasing nearly Rs 90,000 crore from the combined market capitalisation of the 10 listed stocks. The top loser in the day's trade was Adani Green Energy, which lost 13% to hit the day's low of Rs 1,650 on the NSE. It was followed by Adani Total Gas and Adani Energy Solutions which cracked nearly 8% each.
Nifty constituents Adani Enterprises and Adani Ports & Special Economic Zone dropped around 7%. Others including Adani Power, Adani Wilmar, ACC, Ambuja Cements, and New Delhi Television (NDTV) fell up to 5%.
The fall in Adani-owned stocks was amid weakness in the overall market. While the S&P Sensex tanked 755 points to the day's low of 72,912, the broader Nifty slipped nearly 300 points to 22,041.
Barring FMCG stocks, all other sectors were under heavy selling pressure. Nifty Auto, Nifty Metal, and Nifty Oil & Gas were the worst-performing sectors. Reliance Industries and Larsen & Toubro were the major laggards in terms of contribution to the headline indices.
Out of 2,534 stocks that were trading on the NSE today, 438 stocks hit their lower circuits while 190 among these hit 52-week lows. Only 9 stocks hit the upper circuit, while 16 their 52-week highs.
Huge selling pressure was witnessed in the broader markets with Nifty Midcap 100 and Nifty Smallcall 100 falling by up to 4%. The weakness in the broader market is also on account of a Sebi warning, raising concerns about potential price manipulation in the SME segment.
SME Capital markets represent an
