Adani group companies such as Adani Ports and SEZ and Adani Enterprises were among the biggest losers on the bourses on Monday. The combined market capitalisation of the six group companies declined by 5.7 per cent to Rs 8.97 trillion from Rs 9.51 trillion on Friday.
The group’s cash cow, Adani Ports and SEZ, was the biggest loser, declining 8.4 per cent, while Adani Enterprises was down 6.3 per cent. Other group companies such as Adani Power, Adani Green, Adani Total Gas, and Adani Transmission were down 4-5 per cent on Monday. The immediate trigger for the decline was the news about the freezing of the trading accounts of foreign portfolio investors that held shares in listed group companies, but the stocks’ high valuation also means higher downside risk.
