Adani stocks continue to fall despite FPO success as concerns linger

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February 1, 2023
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A Bloomberg report has said that the company has put up millions of dollars worth of shares to maintain its collateral cover on a $1 billion loan

All of the Adani group stocks — barring Adani Wilmar – the recent listing — are part of the MSCI Global Standard Index.

Most Adani Group stocks were trading lower in the morning on February 1, a day after flagship Adani Enterprises successfully closed Rs 20,000-crore follow-on public offering (FPO).

At 9.57 am, Adani Enterprises was trading 3.43 percent lower at Rs 2,872.95 on BSE. Other stocks from the Gautam Adani-led conglomerate, too, were in the red.

Adani Transmission was trading 3.19 percent lower at Rs 1,717.35, Adani Green Energy was down 4.25 percent at 1,172.05, Adani Ports was 0.85 percent down at Rs 607.60, Adani Total Gas hit a lower circuit of 10 percent at Rs 1,901.65. Adani Power also hit its 5 percent lower limit at Rs 212.75.

Though the FPO was fully subscribed, retail investors seem to have taken a backseat as the stock price has slid below the FPO price band.

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