The sell-off in Adani Group intensified, with stocks falling up to 13 percent in a weak market on March 13. All 10 Adani counters traded in the red, erasing around Rs 90,000 crore off their combined market capitalisation by noon.
Adani Green Energy was the top loser, tanking 13 percent to an intraday low of Rs 1,650 a share on the NSE.
At noon, the flagship Adani Enterprises and Adani Ports & SEZ, both constituents of the frontline Nifty index, were trading with losses of 5.5 percent and 5.3 percent, respectively. The Nifty was down 200 points or one percent.
This is the seventh straight day of fall for Adani Enterprises. The stock, however, is trading almost 100 percent higher from its from its 52-week low of Rs 1,573.
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Cement players ACC and Ambuja Cement were down 4.3 percent and 2.9 percent. Adani Energy Solutions, Adani Power, Adani Total Gas, NDTV and Adani Wilmar fell between 4 and 7 percent.
On March 12, brokerage firms HSBC and Motilal Oswal raised the target prices on Adani Ports while reiterating their "buy" calls on the stock . The move came after February data bolstered confidence that the company could surpass the higher cargo volume guidance for the full fiscal year.
Jefferies initiated coverage on Adani Enterprises with a "buy" tag on February 13, projecting doubling of EBITDA by FY26 to Rs 21,449 crore. It has set a target price of Rs 3,800 on the stock, citing key triggers such as the commissioning of the Navi Mumbai Airport and green hydrogen manufacturing units.
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