Adani Group News: Another disaster on Gautam Adani, shares of nine out of 10 companies fall – msci to announce changes to free float status of some adani stocks
New Delhi: The shares of Adani Group saw a decline once again today. As soon as the market opened, the shares of the group’s flagship company Adani Enterprises fell by 15 per cent. Index provider MSCI says it will review the free float status of Adani Group’s listed companies. In a recent report by the American research firm Hindenburg Research, serious allegations were leveled against the Adani Group. However, Adani Group has denied these allegations. But due to this report, there was a huge fall in the shares of the companies of the group. The group’s market cap had fallen by $100 billion. MSCI says that some market participants have questioned the appropriateness of Adani Group’s shares being included in some indexes.
As soon as the market opened today, there was a huge decline in the shares of Adani Group. The stock of Adani Enterprises fell by 15 per cent at one point of time on the BSE. It is part of the Stock Futures & Options segment. There is no circuit limit in this. Similarly, in Adani Ports and Special Economic Zone (APSEZ) nine percent, Adani Power, Adani Transmission, Adani Total Gas and Adani Green Energy five percent. Lower circuit touched. On the other hand, Ambuja Cements declined by 5.4 per cent, ACC by four per cent and NDTV by three per cent. The shares of Adani Wilmar, the only company of Adani Group, have gained momentum. It touched the upper circuit in the initial trading itself. MSCI says that the free float of any security is that part which is available for buying and selling by international investors. For any listed company, it has to be ensured that at least 25 per cent of its shareholding should be held by the public. Shares held by non-promoters are called public shareholding. These include retail investors, mutual funds, foreign portfolio investors and insurance companies. The shares held by the people who form or run the company are called promoter shareholding.
