Adani Group shares tumble; Adani Green Energy, Adani Power, Adani Total Gas drops between 2% to 14%

The stocks of the Adani Group, which includes Adani Enterprises, Adani Ports, Adani Energy Solutions and others, fell nearly 14% on Wednesday, continuing their sharp fall from the previous day on the results of the Lok Sabha election in 2024.

Adani Enterprises, Adani Energy Solutions, Adani Ports & SEZ, Adani Green Energy, Adani Power, Adani Total Gas and Adani Wilmar all had 2% to 14% share price declines. On June 4, the Adani Group’s 10 stocks had a market capitalization loss of around ₹3 lakh crore.

On June 3, Adani stocks were among the top winners as exit polls showed that the Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, will easily win a majority in the Lok Sabha elections 2024.

In any case, Adani stocks dropped significantly on Tuesday and continued to tumble today as the actual election results differed from expectations, with the BJP falling short of a complete majority in the lower chamber of Parliament. However, with the backing of its NDA allies, the BJP will still establish the government despite this.

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