Adani Total Gas continued to extend loses further on Tuesday as the stock hit its lower circuit limit for another session, dropping 10 per cent during the early trading session. Interestingly, Adani Group's gas supplier has wiped out almost half of investors' wealth in just seven sessions.
Adani Total Gas' shares have plunged more than 47 per cent in the last seven sessions after the counter scaled its record highs of Rs 3,998.35 on January 23, 2023. The stock has been hitting lower circuit for straight fourth session in a flow, wiping out its all gains in the last three quarters.
Adani Total Gas' shares plunged another 10 per cent to Rs 2112.90 on Tuesday, locked in seller's circuit. The circuit filter for the counter has been revised to 10 per cent, from 20 per cent earlier. The stock had settled at Rs 2,347.65 on Monday.
Despite wiping out a major chunk of investor's wealth, shares of Adani Total are up 16 per cent in the last one month, whereas the counter has rallied more than 485 per cent in just two years. However, the stock is down 41 per cent in January 2023.
Adani Group stocks have been battered lately following a report by Hindenburg Research. The short seller has accused the Gautam Adani led conglomerate for engaging in stock manipulation and accounting fraud scheme over the last few decades.
However, Adani Group refuted the allegations and calling the baseless. It alleged the research group for not doing proper research, and 'copy-pasting' from the company disclosures. It also said that they either did not do proper research or did proper research but misled the public.
Ahmedabad headquartered Adani Total Gas is engaged in developing city gas distribution networks to supply piped natural gas (PNG) to industrial, commercial, domestic customers and compressed natural gas (CNG) to the transport sector.
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