Adani Group stocks decline 16-52% from their 52-week highs
Adani group stocks have fallen up to 52 per cent from their 52 week-highs in less than three months. Among the Adani group companies, Adani Power has witnessed the sharpest decline — a 52 per cent fall from its 52-week high hit on June 9, 2021.
Among others, Adani Total Gas has declined 42.5 per cent, Adani Transmission 38.2 per cent, Adani Green Energy 32.9 per cent, Adani Ports and SEZ 23.1 per cent, and Adani Enterprises by 16.1 per cent.
All the group stocks hit their 52-week highs in May-June 2021. The sharp decline began after heavy selling pressure following a report that was later denied by the group.
The group, on the other hand, said it is expecting double-digit growth in FY22 across its verticals, including electricity generation, ports, and renewable energy.
Adani Group shares have had a stellar run over the past few years.
Earlier this year, the group became the fourth business conglomerate to cross $100 billion in market cap — after Tata Group, HDFC Group, and Mukesh Ambani-led Reliance Group.
At one point a year ago, Adani Group’s market cap was less than Rs 2 trillion. Analysts say the recent decline can be attributed to profit-taking by investors after the stellar run on the bourses.
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