Gautam Adani: Now the game will turn! Good news for Gautam Adani amid share fall know detail here
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A lawyer associated with the matter said that the project cost of APRL and APML was equal to or less than the cost of their competitors. The counsel submitted that the price quoted by these firms was lower than the per MW cost norm prescribed by the Central Electricity Regulatory Commission. These Adani Group firms imported products needed to set up thermal power projects in Maharashtra and Rajasthan. Similarly, PMC Projects India Pvt Ltd got the contract for laying transmission line and building a sub-station for Maharashtra Eastern Grid Power Transmission Company Ltd.
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The DRI had sent show cause notices to these firms in May 2014 for inflating the prices of imported products. However, the Adjudicating Authority of DRI found the value of all imports to be correct in the year 2017. An appeal was made against this in the Appellate Tribunal, but last year the appeal of the Customs Department was also rejected there. Shares of all 10 listed companies of Adani Group declined for the second consecutive day on Tuesday. Adani Enterprises suffered the most. The company’s stock fell seven percent. Adana Enterprises shares fell 7.06 per cent on the BSE.
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Similarly, Adani Ports lost 5.66 percent, Adani Power 5 percent, Adani Transmission 5 percent, Adani Green Energy 5 percent, Adani Total Gas 5 percent and Adani Wilmar 4.99 percent. Shares of NDTV fell 4.99 per cent, ACC 4.22 per cent and Ambuja Cements 2.91 per cent. Shares of several group companies touched their lower circuit during the day. The market cap of Adani Group companies collectively declined by Rs 80,096.75 crore in the two trading sessions.
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