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Adani Enterprises Stock Crash: A share of the Adani Group fell sharply today on Wednesday. This stake belongs to Adani Enterprises. Shares in the company fell nearly 35% in intraday trade today Shares in Adani Enterprises opened in early trading at Rs 3030 on BSE on Wednesday. Thereafter the stock fell to Rs 1942 in intraday trading. That is to say it was down about Rs 1008 or 35% from the daily high. However, by the time the market closed, there was a slight recovery in the shares and this stock was down 28.45% on BSE. 2128.70 Closed at Rs. This has brought Adani Enterprises market cap down to Rs. 2,42,672.04. Let us inform you that Adani Enterprises FPO opened for investment on January 27th and closed on January 31st. In this Rs. 20,000 crore FPO, leading investors from around the world have placed bets. Aside from that, business tycoons like Sunil Mittal and Sajjan Jindal have also invested money in the FPO.
FPO received a great response
Let us inform you that on the last day of this Adani FPO non-institutional investors (NII) have bid for more than triple the shares against 96.16 lakh shares. The 1.28 billion reserve shares were almost entirely subscribed by qualified institutional buyers (QIBs). Small investors, however, did not show much interest. Almost half of the issue was reserved for retail investors, while they only bid for 11 percent of the 2.29 billion shares reserved for themselves. At the same time, bids were received for 52 percent of the 1.6 lakh shares reserved for employees.
Big bets from big investors
Abu Dhabi’s investment company IHC (International Holding Company) has invested $400 million in Adani Enterprises’ FPO. IHC had previously invested around 2 billion US dollars in this company. Apart from that, Airtel owners Sunil Mittal and JSW Group’s Sajjan Jindal are also involved.
Let us inform you that the American short selling company Hindenburg Research has accused the Adani Group of fraud in their report. Shares of the group companies have been steadily falling since this report was published and this report from Hindenburg came just ahead of Adani Enterprises on Jan 24 to bring Rs 20,000 crore FPO. However, the claims made in this report have been denied by the Adani group.
Most of Adani’s stocks are in the lower circle
With the exception of Adani Transmission and Adani Green Energy, shares of all group companies closed lower today. Adani Ports shares closed in the lower circle of 20%. The share price is Rs 492.15. At the same time, shares of Adani Power closed in the bottom circle of 5%. Adani Total Gas shares closed in the bottom circle of 10%. The share price remained at Rs 1901.65. At the same time, shares of Adani Wilmar also closed at Rs 443.60 in the lower 5% range. Adani Green Energy shares closed 5.78% lower at Rs 1153.35. Adani Transmission shares closed 2.46% lower at Rs 1730.25.
