shares hit 5 per cent lower circuit for the second consecutive day today to Rs 390.65. stock also slumped 5 per cent to hit day’s low at Rs 2,293.30.
lost nearly 2 per cent at Rs 819 while was trading 2.5 per cent lower at Rs 672.90. dipped 2.6 per cent to day’s low at Rs 3,340.
From the Adani stable,
(up 5 per cent) and (up 1.2 per cent) were the only 2 stocks trading in the green zone.
In the meantime, media company
, which would also fall under Adani’s Group if his hostile takeover bid is successful, hit the 5 per cent upper circuit limit at Rs 384.50.
Adani’s open offer at Rs 294 per share for a 26 per cent stake is way below the current market price. “It is going to be positive for NDTV’s minority shareholders as people are crazy about Adani stocks,” said equity strategist Kranthi Bathini of Wealth Mills.
Earlier on Monday, financial services firm CreditSights, which is owned by the Fitch Group, released a fundamental analysis of billionaire Adani’s empire and termed it “deeply overleveraged”.
“Over the past few years, the Adani Group has pursued an aggressive expansion plan that has pressurized its credit metrics and cash flows. The Adani Group is increasingly venturing into new and/or unrelated businesses, which are highly capital intensive and raises concerns regarding spreading execution oversight too thin,” the report said.
“Overall, we remain cautiously watchful of the Group’s growing expansion appetite, which is largely debt-funded. We retain our existing Market perform recommendations on the two Adani entities under our coverage,
(AGEL) and Adani Ports and Special Economic Zone (APSEZ),” the agency had said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)