Adani Enterprises slips for seventh day, falls 5%; stock tanks 9% in 1 week

Shares of Adani Enterprises slipped 5 per cent to Rs 3,280 on the National Stock Exchange (NSE) in Monday’s intra-day trade. The stock of the Adani Group’s flagship company was trading lower for the seventh straight day, and has fallen 12 per cent during the period. It has corrected 16 per cent from its record high level of Rs 3,885, touched on September 20.

At 01:09 PM, Adani Enterprises was the top loser among Nifty50 stocks, with 4.8 per cent decline, as compared to 0.41 per cent fall in the benchmark index. Adani Enterprises joined the benchmark index, the most tracked stocks gauge in the country, September 30 onwards. It replaced Shree Cement.

In the past one week, the stock price of Adani Enterprises has fallen 9 per cent, as compared to a 0.04 per cent rise in the Nifty50 index. However, in the past three months, it has outperformed the market by surging 48 per cent, as against 8 per cent rise in the benchmark index.

Adani Enterprises (AEL) is one of the fastest growing diversified businesses that provide an extensive range of products and services. The company operates as an incubator, establishing new businesses in transport and logistics, and energy & utility sectors, apart from increasing focus on direct-to-consumer businesses.

AEL is leading a decarbonization initiative of industries, and mobility through Adani New Industries Limited (ANIL). Other next-generation of AEL’s strategic business investments are centered around airport management, roads, data center and water infrastructure, which has significant scope for value unlocking.

Meanwhile, last week, AEL announced that it has achieved financial closure for India’s largest greenfield expressway project. The company secured finances of Rs 10,238 crore from the lenders. The company committed equity infusion of Rs 6,826 crore. The State Bank of India has underwritten the entire debt requirement of Rs 10,238 crore for the Ganga Expressway Projects, AEL said.

AEL’s road portfolio has grown to 18 projects with more than 6,400 lane kms, and an asset value exceeding Rs 44,000 crore spread over ten states in India – Uttar Pradesh, Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal and Odisha. The portfolio has a mix of HAM (Hybrid Annuity Mode), TOT (Toll-OperateTransfer) and BOT (Build-Operate-Transfer) type assets.

Meanwhile, Spitze Trade and Investment Limited, one of the promoters of AEL, acquired 3.65 million equity shares, representing 0.32 per cent of total equity of the company, for Rs 1,334 crore. The promoter purchased shares of the company via open market between September 9 and September 27, the exchange data show. CLICK HERE FOR DETAILS.