After the sales objective was altered and four group companies were downgraded by Moody’s. The stock prices of Adani Group companies fell on Monday. Adani Enterprises Ltd. saw a decline of 7%, followed by Adani Ports & Special Economic Zone (5.5%). Adani Total Gas (5%), Adani Green Energy (5%), Adani Transmission (5%), Adani Wilmar (5%). ACC Ltd. (4%), Ambuja Cement (6%), Adani Power (5%), and NDTV (5%).
According to an article, the Adani Group has lowered its initial aim of 40 percent revenue growth. The new range is of 15 to 20 percent for the upcoming fiscal year. According to the story, the company would scale back its capital expenditure plans. In order to prioritise financial stability over quick expansion.
Moody’s Investors Service on Friday downgraded the outlook for Adani Green Energy and three other companies. Mainly backed by Indian businessman Gautam Adani due to the decline in the conglomerate’s stock market valuation. MSCI also recently announced that it will reduce the amount of openly traded shares it used in its calculations. According to MSCI, the free float of ACC Ltd., Adani Enterprises Ltd., Adani Transmission Ltd., and Adani Total Gas Ltd. will alter. These modifications will therefore be put into effect on February 28.
Other things mentioned in the report:
The Securities Exchange Board of India (Sebi), according to a report from Reuters, will give an update on its inquiries into the Adani Group’s cancelled follow-on public offering this week. On February 15, Sebi and Finance Minister Nirmala Sitharaman are due to speak. The finance minister will get an update from Sebi’s board on the regulator’s surveillance efforts in light of the recent decline in Adani Group stock prices.
The stocks of Adani Group firms have fallen precipitously since January 24 as a result of claims made by the US-based research company Hindenburg Research. The Adani Group has been accused of “stock manipulation and accounting fraud,” which has caused a dramatic decline in the market capitalization of the conglomerate and a loss of over $120 billion in value.