Adani stocks nosedive as market crashes again

PrashantNews

After a hiatus, shares of Adani Group companies nosedived on Friday falling by 5-15 per cent on the BSE amid heavy selling pressure as the stock market crashed again.

Among individual stocks, Adani Green Energy closed at 772.10 (-132.30 or -14.63%) followed by Adani Energy Solutions 814.25 (-110.75 or -11.97%), Adani Enterprises 1862.80 (-224.70 or -10.76%), Adani Total Gas 517.10 (-31.30 -5.71%), Adani Power 133.05 (-7.75 or -5.50%), Adani Ports and Special Economic Zone 1307.60 (-106.30 or -7.52%) and Ambuja Cements 518.85 (-27.35 or -5.01%)

The BSE Sensex again crashed and closed at 81,537.70 (-769.67 or -0.94%).

Aviation stocks were also under heavy pressure with Indigo closing at 4703.90 (-209.90 or -4.27%) and Spicejet  at 22.91 (-1.01 or -4.22%)

Media reports said the crash in the market came mainly after U.S. Securities and Exchange Commission (US SEC) asked a U.S. court for permission to personally email summons to Indian billionaire Gautam Adani and group executive Sagar Adani over alleged fraud and a $265 million bribery scheme. Two earlier requests to serve the summons were not entertained.

By Shishir Prashant

Shishir Prashant is a senior journalist having vast experience working in prestigious media organizations like PTI, Business Standard, Deccan Herald and Kashmir Times

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