On Tuesday, June 4, shares of Adani Group companies dropped up to 17% on the opening tick as they were under immense pressure. This came as early vote-counting trends indicated Prime Minister Narendra Modi’s Bharatiya Janata Party-led alliance leading in more than 272 seats, while the scale of the victory was unclear.
Adani Power, the power utilities player, collapsed around 14% to Rs.756.65 on Tuesday, with a market value of slightly more than Rs.3.20 lakh crore. The scrip closed at Rs.875 in the previous trading session. Adani Green Energy, another power generation firm, dropped 6% to Rs.1,918 with a market capitalization of Rs.3.04 lakh crore, compared to its closing of Rs.2037.65.
Adani Wilmar and Adani Total Gas fell 4% and 7% to Rs.353.50 and Rs.1,044.95, respectively. Adani Enterprises, the Adani Group’s flagship company, dropped around 10% to Rs.3,280.75 in early trading.
On Tuesday, Adani Ports and Special Economic Zone’s stock dropped 6.16% to Rs.1,486.30.
According to early indications, the NDA has passed the majority mark in early leads, but the INDIA bloc is still pushing.
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