Adani Enterprises share tumbled 25% today, the most, among Adani Group stocks after National Securities Depository Limited (NSDL) freezed the accounts of three foreign funds owning over Rs 43,500 crore worth of shares in four Adani Group companies. The three foreign funds are Albula Investment Fund, Cresta Fund and APMS Investment Fund.
Share of Adani Enterprises lost 25% to Rs 1,201 against previous close of Rs 1,601.45 on BSE. The stock of the Adani Group's flagship firm opened with a loss of 10% at Rs 1,441.35 today.
However, the share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. The share has zoomed 830% in one year and risen 196% since the beginning of this year. In a month, the stock has gained 16.22%. Market cap of the firm fell to Rs 1.56 lakh crore on BSE.
Total 14.60 lakh shares changed hands amounting to a turnover of Rs 194.58 crore today.
The large cap stock raced to a 52-week high of Rs 1,718 on June 7 this year. However, from Rs 1,700 plus level, the stock has slipped to Rs 1,201 today, making it the top loser making it the top loser among Adani Group stocks in absolute terms today. At 12: 20 pm, the stock recouped some of its losses and was trading 11.02% lower at Rs 1,432 on BSE.
Commenting on the prospects of Adani Enterprises share after today's crash, Jay Thakkar - VP and Head of Equity Research at Marwadi Shares and Finance said, "Adani Enterprises share was highly overbought and it has reversed from quite an oversold region. It has completed wave 3 on the upside. So good consolidation or correction from these levels can be seen. In the medium term, it can correct until 1,100-900 levels."
According to reports, market regulator Sebi probing whether there has been price manipulation in Adani Group stocks, which have gained between 200% and 1000% in the past one year.
Other Adani Group stocks such as Adani Ports and Special Economic Zone plummeted 18.75 per cent to Rs 681.50 on the BSE today.
Adani Green Energy dipped 5 per cent to Rs 1,165.35, Adani Total Gas fell 5 per cent to Rs 1,544.55, Adani Transmission declined 5 per cent to Rs 1,517.25 and Adani Power slumped 4.99 per cent to Rs 140.90.
All these stocks hit their respective lower circuit limits today.
AR Ramachandran, Co-founder & Trainer at Tips2Trades said, "The Adani Group stocks were long due for a correction with strong support now at Rs 1,200 for Adani Enterprises. A daily close above Rs 1,450 could stem the current fall. Investors are advised to stay on the sidelines till either level has been breached."
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