Adani Enterprises, APSEZ, Adani Green: Why are Adani Group stocks falling on October 8?

Adani Group stocks were under pressure on Thursday, October 8, amid broader weakness in the Indian equity market. Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ) and Adani Green Energy were among the group stocks facing selling pressure during the session.

The broader market sentiment remained weak after the Reserve Bank of India (RBI) raised the repo rate by 25 basis points to 5.5% on Wednesday, marking its first rate hike in nearly four years. The RBI also maintained a cautious stance, adding to concerns over the interest-rate outlook.

Elevated crude oil prices are another pressure point for the market. Brent crude was trading around the $104-a-barrel mark, raising concerns over inflation and its potential impact on corporate costs and the broader economy.

Continued selling by foreign institutional investors (FIIs) has also weighed on market sentiment. At the same time, technical factors are adding to pressure on high-beta Adani counters, with several group stocks trading below key moving averages.

NSE data show that foreign portfolio investors (FPIs) sold equities worth ₹6,121.37 crore in the Indian market on Wednesday, October 7.

With Adani Group stocks typically more sensitive to changes in market sentiment, the broader risk-off environment has resulted in sharper declines across several counters.

Adani Group stocks' performance in afternoon session

At 2:39 PM, Adani Green Energy shares were down 6.71% to ₹1,251.40 apiece on the NSE, while Adani Energy Solutions was trading 5.09% lower at ₹1,251.70. Adani Enterprises was quoting 6.20% lower at ₹2,572.90, and Adani Ports and Special Economic Zone (APSEZ) traded 3.50% lower at ₹1,688.80 on the NSE.

Adani Power was also down 4.41% to ₹188.25 on the NSE, and Adani Total Gas was down 2.75% to ₹565.90.

ACC was down 2.87% at ₹1,132 on the NSE, while Ambuja Cements traded over 3% lower at ₹345.75. AWL Agri Business was also trading in the red. It stood at ₹182.71, down 2.35% on the NSE.

GQG turns net seller of Indian equities

During the June quarter this year, the fund house sold shares worth over ₹12,000 crore across Adani Group companies. Based on available data, GQG has offloaded Indian equities worth nearly ₹28,000 crore over the last 12 months.