This Adani stock dives 82% in 25 days as most of group's shares continue to plunge

Shares of three Adani Group companies touched their respective 52-week lows in Monday's trade. Adani Total Gas Ltd, Adani Transmission Ltd and Adani Green Energy Ltd were locked in lower circuits.

Adani Total's scrip cracked 5 per cent today to hit its 52-week low of Rs 715.95 over a previous close of Rs 753.60, extending its fall for 25 straight days. The counter has lost 81.73 per cent in 25 sessions. In terms of earnings, Adani Total reported a consolidated net profit of Rs 150 crore for the December quarter (Q3 FY23), up 17 per cent from Rs 128 crore in the same quarter a year ago.

The stock was last seen trading lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 8.37. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 165.31. The earnings per share (EPS) of the firm came at 4.56, much below the P/E ratio.

Yet, Adani Total has an average target price of Rs 3,475, Trendlyne data showed, suggesting a potential upside of 386.52 per cent. The scrip has a one-year beta of 1.44, indicating high volatility.

In the case of Adani Transmission, the stock also tanked 5 per cent to hit a one-year low of Rs 676.35. The stock has declined 48.54 per cent in 13 days. The Ahmedabad-headquartered company posted a 73 per cent jump in consolidated net profit, at Rs 478 crore, in Q3 FY23 as against Rs 267 crore in the year-ago period, aided by a one-time income of Rs 240 crore from a regulatory order.

The stock was last seen trading lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day RSI came at 11.23. A level below 30 is defined as oversold while a value above 70 is considered overbought. The stock has a P/E ratio of 579.48. The company's EPS came at 1.23, much below compared to the P/E ratio.

That said, Adani Transmission has an average target price of Rs 4,172, as per Trendlyne, suggesting a potential upside of 516.52 per cent. The scrip has a one-year beta of 1.34, indicating high volatility.

Adani Green Energy's stock too fell in the same quantum to hit its 52-week low level of Rs 462.45. The company's consolidated net profit more than doubled to Rs 103 crore in Q3 FY23 against Rs 49 crore in the same period a year ago.

The stock was last seen trading lower than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day RSI came at 10.79. A level below 30 is defined as oversold while a value above 70 is considered overbought. The stock has a negative P/E ratio of 377.95. The company's EPS also stood negative at 1.29.

Despite that, Adani Green has an average target price of Rs 3,581, according to Trendlyne, suggesting a potential upside of 674.77 per cent. The scrip has a one-year beta of 1.20, indicating high volatility.

A majority of Adani stocks slipped today in early deals. Group's flagship firm Adani Enterprises also slumped 5 per cent today.

Since January 24 this year, Adani stocks took a major hit after US-based short seller Hindenburg Research alleged that the Gautam Adani-led Indian conglomerate had engaged in stock manipulation and accounting fraud scheme over the last few decades. Adani Group, however, refuted the claim as baseless.

Following a brief halt, the rout resumed after Wikipedia claimed that sockpuppets - some of them being the online encyclopedia's employees - created 'puffery' around Gautam Adani, his family and the group by adding non-neutral material and removing warnings from the information.

Meanwhile, Indian equity benchmarks fell sharply in early trade today, dragged by technology, metal, automobile and pharma stocks.

Also read: Adani Enterprises, Adani Green, Adani Power shares extend fall; Adani group m-cap drops below Rs 7 lakh crore mark

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