Adani Group shares under pressure; Adani Ent falls 5%, Adani Ports down 3%
Published On: Tuesday, January 10, 2023 | By: Team KnowMyStock
Shares of Gautam Adani Group companies were under pressure on Tuesday, falling up to 5 percent on the BSE, as the benchmark index fell over 1 percent, as Adani Group is likely to file the red herring prospectus (RHP) with market regulator Sebi for its big-bang Rs 20,000 crores further public offering ( FPO) later this month, multiple industry sources with knowledge of the matter told Moneycontrol. The move is seen as a step towards fulfilling the ambitious expansion plans of the port to power diversified conglomerate which has seen group stocks sizzle on the bourses in the past few years. Among individual stocks, the Group's flagship company -- Adani Enterprises – slipped 5 percent to Rs 3,854.20 on the BSE in the intra-day trade today. With today's fall, the stock has corrected 13 percent from its record high level of Rs 4,189.10, touched on December 21, 2022.
Some of the biggest Adani Group backers from the Gulf, including its strategic equity partner International Holding Company (IHC) from UAE and other sovereign wealth funds and financial institutions, are expected to be among the largest buyers in the upcoming follow-on public issuance of Adani Enterprises (AEL), the flagship business entity of the conglomerate owned by Asia's richest man.
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