Gautam Adani: Hindenburg Research wreaks havoc, three shares of Adani Group hit 52 week lows
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Shares of Adani Green Energy fell five per cent to Rs 723.90. This is its 52-week low. It had touched Rs 3,048.00 on April 19 last year, which is its one-year high. Similarly, the share price of Adani Transmission also declined by five per cent to Rs 1186.15. Its highest level is Rs 4,238.55. The stock had reached this milestone on September 16 last year. The stock of Adani Total Gas also reached the lower circuit today. It fell by five per cent to Rs 1258.25. Its 52-week high is Rs 3,998.35. Interestingly, it reached this level just a day before the Hindenburg Research report came out.
why the decline
Shares of the group’s flagship company Adani Enterprises were also trading down by 4.28 per cent. Adani Power declined by 5 per cent, Adani Wilmar by 0.98 per cent, ACC by 1.85 per cent and NDTV by 3.81 per cent. Ambuja Cements gained 1.12 per cent and Adani Ports and Special Economic Zone (APSEZ) gained 0.25 per cent.
This share of Adani Group made a fortune! Stock price doubled in three days, buy or wait
Meanwhile, index provider MSCI has cut the free float status of four Adani Group stocks. Analysts say that this may reduce their weightage in the index. MSCI has downgraded the free float status of Adani Enterprises, Adani Total Gas, Adani Transmission and ACC. This change will come into effect from March 1. The combined weight of these four companies in MSCI’s Emerging Markets index was 0.4 per cent. There has been no reduction in the free float status of the rest of the companies. Free float is the portion of a security that is available for trading by international investors.
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