Adani Group Stocks Tumble: Top 5 Updates After Kenya Cancels Deals

he Adani Group stocks faced significant selling pressure, marking the second consecutive session of losses. Triggered by Kenya's cancellation of deals amidst U.S. charges, the market impact was profound. Here's a detailed breakdown of the situation.

Adani Enterprises Hits 52-Week Low

Adani Enterprises led the downfall, with shares dropping 7% in early trading on Friday, touching a 52-week low of ₹2,030. This development reflects investor concerns over the recent allegations and their potential implications on the conglomerate's global operations.

Adani Ports Shares Plunge Over 5%

Shares of Adani Ports also tumbled, registering a 5.3% drop to ₹1,055.40 during the trading session on the Bombay Stock Exchange (BSE). The decline highlights the broader pressure faced by the group’s flagship companies.

Adani Green Energy Suffers the Largest Decline

Among all Adani Group stocks, Adani Green Energy faced the steepest fall, losing 11% and hitting a low of ₹1,020.85. The renewable energy giant has been a key player in the group's portfolio but remains under scrutiny due to ongoing legal and operational challenges.

Other Adani Stocks Witness Declines

Other group companies, including Adani Power, Adani Energy Solutions, Adani Total Gas, and Adani Wilmar, saw their shares fall between 2.6% and 5%. While ACC Ltd and Ambuja Cements traded flat with a marginal positive bias, the overall sentiment remained bearish.

Market Capitalization Wipeout Reaches ₹38,000 Crore

The combined market capitalization of Adani Group's 11 listed entities plunged by ₹38,000 crore, bringing the total to ₹11.68 lakh crore as of Friday morning. Over the past two sessions, the conglomerate has witnessed an erosion of ₹2.62 lakh crore in market value, highlighting the severity of investor reactions.

Conclusion: What Lies Ahead for Adani Group?

The ongoing challenges and global allegations have rattled investor confidence in Adani Group stocks. While the full extent of the impact remains uncertain, market analysts will closely monitor the group's response to these developments and their ability to navigate the storm.

Stay tuned for more updates as the story unfolds.