Lok Sabha Election 2024 Results: Adani Group stocks plunge up to 20% as market sees bloodbath
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Shares of Adani Group companies have seen a massive fall of up to 19.8% even as the BJP-led NDA is ahead in the Lok Sabha Elections 2024 counting but the opposition I.N.D.I.A. block manages to maintain a solid hold. The massive fall in group shares comes as investors resort to panic selling and profit booking amid uncertainty over the election results.
The flagship company, Adani Enterprises Ltd, is trading 13.85% lower at ₹3,140.45 on the BSE. Adani Energy Solutions shares declined 17.86% to ₹1003.80. The company's m-cap at the current share price stands at ₹1.16 lakh crore. In the early morning trade, the stock dipped to intra-day low of ₹980, down 19.8%. The stock Adani Ports and Special Economic Zone Ltd also dipped 15.00% to ₹1,347 on the BSE, taking its m-cap to ₹2.91 lakh crore.
Similarly, Adani Power shares declined 12.07% to 769.40, compared to an 18% surge in the previous session close, taking its m-cap to ₹2.98 lakh crore. Adani Green Energy Ltd shares have seen 16.03% fall to Rs 1,711.05 on the BSE, and the company's m-cap stands at ₹2.7 lakh crore. Other companies, including Ambuja Cement shares, were down 14.77% to ₹571.55 on the BSE, with its market share at ₹1.40 lakh crore.
Shares of ACC Ltd are down 9.56% to ₹2,421.45 on the BSE, with its m-cap surging to ₹45,471.75 crore. Media company NDTV shares have also slipped 13.18% to Rs 228.55 on the BSE, with its m-cap at ₹1,473.49 crore. Adani Total Gas Ltd shares hit 15.46% down at ₹946 on the BSE, while its m-cap stood at ₹1,03 lakh crore. Shares of Adani Wilmar are down 7.82% at ₹339, and its m-cap stands at ₹44,072.10 crore.
The Adani group stocks had witnessed a strong rally on Monday and Friday on the back of exit polls predicting a huge victory for the BJP-led NDA block at the Centre. On Monday alone, shares of Adani Group companies surged as high as 18% and shares of five out of 10 companies of the Adani group hit 52-week high amid a rally in the Benchmarks Sensex and Nifty.
The equity market today has seen a bloodbath, with the key benchmarks Sensex and Nifty shedding 3763.82 and 1,166.15 points, respectively. The fear gauge India VIX has seen a 39.08% jump, which is the biggest single-day jump in nine years. Notably, as per the latest trends on Lok Sabha Elections 2024, BJP-led NDA is leading on 289 seats, while I.N.D.I.A is ahead on 232 seats and others are ahead on 22 seats.