It is a freaky Friday for all the Adani group stocks. The shares of Adani Group companies continued to see sharp losses for a second consecutive trading after the short seller firm Hindenburg announced its short position in the conglomerate’s firms earlier this week. The 10 listed Adani group stocks fell more than 10 percent to 15 percent intra day and were among the top losers in the market.
US-based Hindenburg Research released a report on January 24, raising concerns about the group’s mounting debt, besides accusing it of irregularities. Shares of listed Adani Group companies fell sharply on Wednesday, following which the group had issued a statement to rubbish the report as “baseless” and “malicious”.
Adani Enterprises fell more than 15 per cent intraday on Friday. This week Adani Enterprises has The stock has fallen 32 per cent from its 52 week high. The stock fell the most in about three years. And given the continued fall the market capitalization for Adani Enterprises fell by Rs 68700 crore from January 24, the day the report was released.
Adani Group, began a record secondary share sale for retail investors on Friday.The Follow-on Public Offer (FPO) of Adani Enterprises is the largest ever in the history of India, aiming to raise Rs 20,000 crore. The FPO opened today that is January 27, 2023 and will be open for public subscription till January 31, 2023.The FPO is a fresh issue of 61,474,751 equity shares on a partly paid basis.
The price band of the Adani Enterprises FPO has been fixed at Rs 3,112 to Rs 3,276 per equity. Adani Enterprises share price has fallen below the FPO floor price. The stock has slipped below the Rs 3,112 level at which anchor investors were allotted shares in the additional equity sale. The stock is trading at an 11 percent discount to the FPO floor price.
