Adani Group stocks take a beating, drop up to 6%

NEW DELHI: Shares of Adani group stocks took a beating on Wednesday following SC ruling on Adani Power.

Besides, there were media reports that Jason Dean Clare, an Australian Labor Party member, was opposing $900m concessional loan to Adani group for the rail line from its proposed Carmichael mine. The project is commercially viable, the company claims, Clare said. Thus, it need not require taxpayer funds, media reports quoted him as saying.

Shares of Adani Power slipped 5.77 per cent to hit a low of Rs 35.05 on BSE. Brokerage Edelweiss Securities noted that the company has booked Compensatory tariff (CT) to the extent of Rs 8,000 crore, of which Rs 4,200crore pertains to Mundra plant and the balance Rs 3,800 crore to Kawai & Tiroda. The CT on Tiroda and Kawai power plants is under APTEL consideration currently.

At 11 am, Adani Enterprises was trading 4.59 per cent lower at Rs 115.40. The company is expecting Carmichael coal mine and port-cum-railhead project in Queensland to begin by August this year.

Adani Ports was down 1.45 per cent at Rs 329.60. Adani Transmission plunged 6.45 per cent to Rs 79.