As the sell off in Adani Group stocks continues, Ambuja Cements and ACC shares decline by as much as 10%.
In early trading, shares of Ambuja Cements dropped 10% while ACC stock dropped over 9%. The Adani Group has acquired a controlling stake in the media company NDTV, and the company’s shares fell 5% intraday on the BSE.
Following a research by Hindenburg Research that claimed the Adani Group committed accounting irregularities, stock manipulations, and money laundering, shares of Ambuja Cements and ACC plummeted for the second consecutive session today. The shares of cement companies that the Gautam Adani-led Adani Group recently acquired dropped up to 10% in early trading. In early trading, shares of Ambuja Cements dropped 10% while ACC stock dropped over 9%.
The Adani Group has acquired a controlling stake in the media company NDTV, and the company’s shares fell 5% intraday on the BSE. ACC shares dropped 9.64% from their previous close of Rs 2,166.60 to Rs 1957.60. The company’s market value decreased to Rs 37,360 crore. A total of 0.42 lakh of the company’s shares were traded, resulting in a turnover of Rs 8.59 crore.
The stock has dropped 8.16% in a year and will drop 18.43% in 2022. The price of ACC stock is below the moving averages of five, twenty, fifty, one hundred, and two hundred days. In the previous two trading sessions, ACC stock fell 15.42%.
Similar to this, Ambuja Cements’ stock was stalled in the lower 10% range at Rs. 414.60 compared to its previous closing of Rs. 460.10. The stock has increased 17.71% during the past year and decreased 20.99% in 2022. The price of Ambuja Cements stock is below the moving averages of five, twenty, fifty, one hundred, and two hundred days. In the previous two trading sessions, Ambuja Cements’ stock price fell 15.42%. 5.90 lakh shares of the company were traded for a total of Rs 25.48 crore on the BSE.
In the meantime, NDTV shares on the BSE were down 5% to Rs 256.35 from their previous closing of Rs 269.80. Following the analysis from Hindenburg Research, the stock has dropped 10% in the last two sessions.
In just two sessions, the Adani Group’s market capitalization was reduced by Rs 2.37 lakh crore due to the stock market crisis.
According to Adani Group, Hindenburg’s report was unresearched and written with malice, which had a negative impact on the Adani Group, its shareholders, and investors. However, in a tweet sent on Thursday, billionaire investor William Ackman stated that he thought Hindenburg Research’s study on the Adani Group was “very reputable and exceptionally well researched.”
The timing of the Hindenburg report’s release, according to Adani Group, plainly reveals a brazen, malicious aim to damage the group’s reputation with the main goal of undermining Adani Enterprises’ follow-on public offering (FPO), which is the largest FPO ever in India.
During today’s session, the Nifty dropped 238 points to 17,653, while the Sensex fell approximately 813 points to 59,391.