The Adani Group stocks on Wednesday came under selling pressure, losing between 1.1 per cent and 4.3 per cent as the investor sentiment remained edgy.
The flagship Adani Enterprises Ltd (AEL) lost 4.21 per cent to settle at ₹1,839 on the NSE with volumes of over 5.8 million shares. The biggest loser was Adani Wilmar Ltd, down 4.33 per cent to end at ₹397.45 on the NSE.
Adani Total Gas Ltd (ATGL) and Adani Green Energy Ltd lost 3.7 per cent and 3.3 per cent respectively to settle at ₹922.95 and ₹942.05. Adani Transmission was down 2.83 per cent, while Adani Power and Adani Ports & SEZ Ltd lost 1.8 per cent and 1.7 per cent respectively.
The group’s cement arms Ambuja Cements lost 2.73 per cent, while ACC lost 1.16 per cent. NDTV was down 1.64 per cent to settle at ₹182.65.
Auditors resign
The investor sentiment turned edgy even as the group’s listed companies are posting their respective financial results for the past quarter and financial year 2023. Notably, on Tuesday, ATGL informed that its statutory auditors Shah Dhandharia & Co LLP had resigned with immediate effect, citing “increased professional pre-occupation in other assignments.” ATGL has now appointed Walker Chandiok & Co LLP as statutory auditors.
Meanwhile, SEBI’s move to seek more time from the Supreme Court to conclude its investigation into the allegations made by a foreign short-seller on January 25 has also added to the speculations in the market. However, Adani, in a statement on April 29, had clarified that “in the SEBI application filed before the Hon’ble Supreme Court, there are no conclusions of any alleged wrong-doing”. The Group has requested to “avoid needless speculation at this time and wait for SEBI and the Expert Committee appointed by the Hon’ble Supreme Court to complete their work and submit their findings.”