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Adani Enterprises crack up to 10%, other group stocks follow suit

Adani Enterprises crack up to 10%, other group stocks follow suit

Adani Enterprises share price: Adani Enterprises, which traded lower for the seventh straight session today, plunged a further 10 per cent or Rs 345.55 to hit an intraday low of Rs 3,110.20 on the BSE index. It finally settled Rs 8.51 per cent lower at Rs 3,157.15.

Adani Enterprises share price: The stock was the top Nifty loser as it cracked 8.42 per cent or Rs 291 to close at Rs 3,164.75. Adani Enterprises share price: The stock was the top Nifty loser as it cracked 8.42 per cent or Rs 291 to close at Rs 3,164.75.

Shares of Adani Enterprises plunged as much as 10 per cent on Monday, in line with the weaker trend in Indian equity benchmarks. The stock, which traded lower for the seventh straight session today, plunged a further 10 per cent or Rs 345.55 to hit an intraday low of Rs 3,110.20 on the BSE index. It finally settled Rs 8.51 per cent lower at Rs 3,157.15.

Around 2.85 lakh shares changed hands out of a traded quantity of 92.90 lakh shares.

Adani Enterprises was the top Nifty loser as it cracked 8.42 per cent or Rs 291 to close at Rs 3,164.75.

Also Read | Adani vs Reliance vs Tata: Which group delivered better return in 2022 so far?

However, the stock has surged nearly 131 per cent from its 52-week low of Rs 1,344.60 (on October 28, 2021) to an intraday low level.

"After a significant surge, the stock appears to have seen moderate profit booking. However, for those that invest for the long-term, a correction is just a minor hiccup. The stock has consistently delivered positive returns of up to 65 per cent over the last five festive seasons, from Navratri to Diwali. Investors can add this stock if it tests the Rs 3,000 zone, which is also a 23.6 per cent of Fibonacci level," said Om Mehra, Technical Associate at Choice Broking.

Monthly, "the stock has got overstretched in the short term and we would see further weakness at Rs 3,100. On the upside, Rs 3,850/3,900 would be a big hurdle. Based on the risk-to-reward ratio, we would prefer Shree Cement over Adani Enterprises," said Shrikant Chouhan of Kotak Securities.

Also Read | French luxury king Arnault displaces India’s richest Gautam Adani in the Forbes list

Other Adani Group stocks also felt the selling pressure.

Adani Ports and Special Economic Zone settled 4.34 per cent lower at Rs 785.45 on trades of around 8.49 lakh shares. The stock was down as much as 20.49 per cent from its September peak of Rs 987.90.

Adani Total Gas was among the losers as the stock closed 6.96 per cent lower at Rs 3,104.65, down 18.65 per cent from its record high of Rs 3,816.30 recorded in August 2022.

Adani Green Energy plunged 8.09 per cent to settle at Rs 2,076.65, down 31.87 per cent from its all-time high of Rs 3,048, recorded in April this year.

Also Read | Adani Green Energy shares zoom 20%, recover after seven sessions

Adani Wilmar and Adani Power fell as much as 5 per cent to end at their lower circuit levels of Rs 717.55 and 355.15, respectively.

Also, Adani Transmission cracked 5.17 per cent to finish at Rs 3,120.65.

Meanwhile, the benchmark BSE Sensex slumped 638 points or 1.11 per cent to close at 56,789 today, while the broader NSE Nifty moved 207 points or 1.21 per cent lower to settle at 16,887.

Published on: Oct 03, 2022, 5:00 PM IST
Posted by: prashun talukdar, Oct 03, 2022, 4:45 PM IST