Despite Adani Enterprises FPO (follow-on public offer) getting subscribed over 100 per cent, all 7 Adani group stocks witness sell off pressure in early morning deals. Out of the seven Adani group stocks two shares — Adani Power and Adani Total Gas hit lower circuit within few minutes of market opening.
Adani Enterprises share price opened downside and hit intraday low of Rs 2,858.05 on NSE, logging to the tune of 4 per cent dip on Wednesday session. Adani Power share price today opened lower and hit 5 per cent lower circuit within few minutes of market opening. Similarly, Adani Total Gas share price today opened lower and hit 10 per cent lower circuit in early morning deals. Adani Green Energy share price is down around 4 per cent, Adani Transmission is quoting 3.50 per cent lower from its Tuesday close. ACC share price is down around 2 per cent whereas dipped around 3 per cent in early morning session.
Speaking on Adani group stocks, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “After the US-based short seller raising concern over debt positioning of the Adani group companies, sentiment on Dalal Street has changed in regard to Adani stocks and it would take time for change in this sentiment. However, budget 2023 holds key as the government is expected to focus on infrastructure leading to trickle down of the benefits to some allied sectors like cements, manufacturing and of course infrastructure companies. As Adani group of companies are mainly dealing in infrastructure sector, these announcements are expected to benefit Adani group companies as well. So, any big ticket announcement in budget is going to aid Adani group stocks in medium to long term.”
