Adani Ports logs 11% rise in January cargo volumes; shares hit fresh 52-week low

Shares of Adani Ports & Special Economic Zone fell in early trade today even as the Adani Group firm reported a 11% rise in cargo volumes in January. The firm said  its handled 27.6 MMT of total cargo , implying a YoY growth of 11%. 

Adani Ports said it clocked a good 8% YoY growth to 280.5 MMT in cargo volumes from April 2022-January 2023.  

Check share price live: Adani Ports 
 

However, the sentiment around the stock was weak after NSE placed the stock under ban for trade on Friday, February 3, 2023 under the futures and options (F&O) segment. The stock has been put on ban under the F&O segment as it crossed 95% of the market-wide position limit (MWPL), as per the NSE. 

The stock fell to a fresh 52-week low of Rs 415.0, down 10% against the previous close of Rs 462 on BSE. Earlier, it opened marginally lower at Rs 458.  

The share is trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Adani Ports share has fallen 38 per cent in a year and crashed 43.51 per cent since the beginning of this year.  

Market cap of the firm fell to Rs 92,497.15 crore on BSE. Total 6.54 lakh shares of the firm changed hands amounting to a turnover of Rs 28.05 crore on BSE.  

The stock hit a 52 week high of Rs 987.90 on September 20, 2022.  

At 9:35 am, the stock was trading 7% lower at Rs 429.35 on BSE. 

On Thursday, Bloomberg reported that Citigroup Inc’s wealth arm has stopped accepting Adani Group securities as a collateral for margin loans.    

Sentiments around the Adani Group stocks have turned weak since January 25 after a report by Hindenburg Research alleged accounting frauds, stock manipulations and money laundering by the Adani Group. 

The  Adani Group called Hindenburg report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors. But Billionaire investor William Ackman in a tweet said he found short-seller Hindenburg Research's report on Adani Group "highly credible and extremely well researched." 

Adani Group had said that the timing of the Hindenburg report's publication clearly betrays a brazen, mala fide intention to undermine the group's reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which is the biggest FPO ever in India. 

Meanwhile, the board of Adani Ports will meet on February 7, Tuesday to consider and approve the results for the period ended on December 31, 2022, the company said in a separate exchange filing. 

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Also read: Adani Enterprises shares hit 15% lower circuit on Dow exclusion, other Adani group stocks bleed