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  5. Adani Group stocks recover a day after Lok Sabha election results, shares rise up to 6%

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Adani Group stocks recover a day after Lok Sabha election results, shares rise up to 6%

Upstox
By Upstox News Desk

2 min read | Updated on June 05, 2024, 15:01 IST

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SUMMARY

Shares of Adani group’s flagship company Adani Enterprises Ltd were trading 2% higher at ₹2,996.45 by the beginning of the noon session on the National Stock Exchange of India (NSE). Adani Enterprises shares had plunged 19.3% on Tuesday, just after hitting its 52-week high of ₹3,743.90 a day before on Monday, June 3.

Stock list

NICKEL
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AWL
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ADANIENSOL
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ADANIGREEN
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ADANIPORTS
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Adani Group’s decision to multiply stakes in these companies before the fundraising serves multiple purposes, according to the analysts.

Adani Group stocks recover a day after Lok Sabha election results, shares rise up to 6%

Most Adani Group stocks recovered on Wednesday, June 5, in line with the jump in benchmark stock indices SENSEX and NIFTY as the Narendra Modi-led National Democratic Alliance (NDA) looked set to form the government at the Centre for a third time in a row.

Notably, shares of Adani companies had crashed up to 20% on Tuesday after the Bharatiya Janata Party (BJP) failed to get a clear majority in the Lok Sabha elections and the INDIA bloc fared better than expected. The total market capitalisation of the 10 Adani stocks had fallen by around ₹3 lakh crore on Tuesday.

On Wednesday, shares of Adani group’s flagship company Adani Enterprises Ltd were trading 2% higher at ₹2,996.45 by the beginning of the noon session on the National Stock Exchange of India (NSE).

Adani Enterprises shares had plunged 19.3% on Tuesday, just after hitting its 52-week high of ₹3,743.90 a day before on Monday, June 3, after exit polls predicted a clear majority for Narendra Modi’s BJP.
Adani Ports and Special Economic Zone Ltd was trading up 2% at ₹1,274.25 on Wednesday. The stock had corrected by 21% on Tuesday but had hit its 52-week high of ₹1,621.40 on Monday.
Adani Green Energy Ltd also jumped 5.5% to ₹1,736.5 apiece on the NSE on Wednesday after falling 19.2% on Tuesday. Adani Green, too, had hit its 52-week high of ₹2,174.10 on June 3.
Adani Wilmar Ltd gained 1% to ₹335 on Wednesday after falling 10% on Tuesday, while Adani Total Gas Ltd was up 0.65% to ₹914.60 after losing 19% in the previous session.

Among the stocks that extended losses on Wednesday were Adani Power Ltd and Adani Energy Solutions Ltd. Adani Power lost 6% further on Wednesday to hit ₹679 levels after falling 17% on Tuesday. Interestingly, the stock had hit its 52-week high of ₹895.85 on June 3, Monday.

Adani Energy Solutions Ltd also lost 4.3% to ₹936 on Wednesday after plunging 20% on Tuesday.

Other than that, ACC shares were up 3.4% to ₹2,359, Ambuja Cements rose 3.1% to ₹574.15 and New Delhi Television Ltd (NDTV) was trading up 2.3% to ₹218.45 apiece on the NSE on Wednesday.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.