Gautam Adani news: Following the latest news on Gautam Adani's scrutiny by the US court, Adani Group shares extended the selling spree for the second straight day. Adani Green shares witnessed maximum correction, with around 6 per cent loss during early morning deals on Friday. Adani Green share price today opened at ₹1,085 apiece on the NSE and touched an intraday low of ₹1,021 apiece, logging around 28 per cent correction in the last two straight sessions.
Adani Energy Solutions shares were the second most hit during Friday's Opening Bell. The share price opened with a downside gap at ₹658.15 per share on the NSE and touched an intraday low of ₹637.55 apiece, recording a nearly 27 per cent dip in the last two successive sessions.
Other flagship Adani Group shares like Adani Enterprises, Adani Wilmar, Adani Ports, and Adani Power remained under the bears' or second straight session. However, ACC and Ambuja Cement shares witnessed some buying interest during the morning deals.
Speaking on Gautam Adani's latest news about scrutiny by the US court, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, said, “The current selling in Adani Group shares are mere short-term sentiment. Anything happening in the US or in the US court won't impact the fundamentals of Adani Group of companies. We have seen this happening in previous cases when Hindenburg Research alleged Gautam Adani and his companies for misappropriation of funds. I expect a strong bounceback in Adani Group shares once the matter settles down.”
Asked about the Adani share best suited for bottom fishing today, Sumeet Bagadia, Executive Director at Choice Broking, said, “Adani Port shares are the best suited Adani Group shares. One can buy Adani Port shares at the current market price for the near-term target of ₹1,250, maintaining a strict stop loss at ₹1,000 apiece. Adani Port shareholders are advised to maintain buy-on-dips until the above-mentioned stop loss is triggered.”
The Indian billionaire has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme, US prosecutors said on Wednesday.
Authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain solar energy supply contracts expected to yield $2 billion of profit over 20 years.
According to an indictment, some conspirators referred privately to Gautam Adami with the code names "Numero uno" and "the big man." At the same time, Sagar Adani allegedly used his cellphone to track specifics about the bribes.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
