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

Shares of Adani Enterprises hit their 15 per cent lower circuit in Friday's trade after S&P Dow Jones Indices said it would exclude Adani Enterprises from widely used sustainability indices with effect from February 7.  Other group stocks declined, after NSE decided to place Adani Ports & SEZ and Ambuja Cements, along with Adani Enterprises, under additional surveillance measures framework.

Shares of Adani Enterprises hit 15 per cent lower circuit limit at Rs 1,330. Adani Transmission tanked 10 per cent to Rs 1,401.55. Adani Green also slumped 10 per cent to Rs 934.25. Adani Ports declined 7 per cent to Rs 429.35. Ambuja Cements was down 1.19 per cent at Rs 348.25. Adani Total Green fell 5 per cent to Rs 1,625.95.

Adani Power hit its 5 per cent lower circuit limit at Rs 192.05. Adani Wilmar was locked at its 5 per cent lower circuit limit at Rs 400.40. ACC and NDTV, other group stocks, slipped up to 5 per cent.

"Adani Enterprises will be removed from the Dow Jones Sustainability indices following a media & stakeholder analysis triggered by allegations of stock manipulation and accounting fraud," S&P Dow Jones Indices said on Thursday.

It changes to the Dow Jones Sustainability Indices will be effective prior to the open on Tuesday, February 7.

Friday's fall in Adani group shares would add to the group's market cap erosion that amounted to Rs 8.76 lakh crore in the previous six trading sessions. Data showed Adani Total Gas has lost over $29 billion in the 6-day rout while the group’s flagship Adani Enterprises has eroded $26.17 billion in investor wealth during the same period.

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