Four scrips closed lower on Thursday, with flagship Adani Enterprise heading the group of laggards after all 10 Adani Group stocks had posted five straight sessions of one-way gains. In addition, two of the stocks—Adani Wilmar and NDTV—finished with gains of 2.9% and 1.4%, respectively, while four of the group’s stocks closed at their respective 5% upper circuit levels.
The group’s total market capitalization increased to Rs 9.2 lakh crore at session’s end, a slight increase of Rs 4,359 crore. According to BSE data compiled by TOI, the group’s market worth increased by roughly Rs 2.4 lakh crore during the course of the previous seven sessions.
After US-based short-seller Hindenburg Research accused it of accounting fraud, stock price manipulation, and other corporate misconduct in a report released on January 24, the stocks of enterprises ranging from airports to media conglomerate have been falling. The organisation has refuted each and every charge. The aggregate market capitalization of the group had fallen more than 70% in the more than month after the report was published, although it has now made some of the lost ground back. At Thursday’s close, it had fallen by 52% from its level of January 24.
The group’s stocks saw uneven trading on the day that the sensex dropped 542 points, closing at 59,806 points, once more below the 60k threshold. The day’s decline followed hawkish remarks from Jerome Powell, the chairman of the US Federal Reserve, who made it quite obvious that the rate of interest in the biggest economy in the world was moving upward. A higher rate in the US could result in a stronger currency and selling of risky assets by foreign funds, including stocks of emerging nations like India. According to BSE data, foreign investors had net sales of Rs 562 crore at the conclusion of trading. In the interbank foreign exchange market, the rupee strengthened to close at 81.98 to the dollar from 82.06 on Wednesday.