Adani Ports, Adani Energy, Adani Green other Adani Group stocks continue to suffer losses; down up to 14%

Adani Group stocks, including Adani Enterprises, Adani Ports, Adani Energy Solutions and others, declined up to 14% on Wednesday, extending their sharp fall from previous session after Lok Sabha election results 2024.

Shares of Adani Enterprises, Adani Energy Solutions, Adani Ports & SEZ, Adani Green Energy, Adani Power, Adani Total Gas and Adani Wilmar fell in between 2% to 14% each. The 10 Adani Group stocks lost around ₹3 lakh crore in market capitalisation in the previous session on June 4.

Adani stocks were among the top gainers on June 3 after exit polls indicated a clear majority for Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) in the Lok Sabha elections 2024. 

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However, Adani stocks took a heavy beating on Tuesday and continued to suffer losses today as the actual election results diverged from these predictions, with the BJP falling short of a full majority in the lower house of Parliament. Despite this, PM Modi will still form the government with the support of its NDA allies.

Adani Energy Solutions share price plunged over 14%, Adani Power shares were down 11%, Adani Enterprises declined over 6%, while Adani Ports share price fell over 7% and Adani Total Gas shares slumped 9%. Adani Wilmar shares were down 4%. 

NDTV share price tanked 5%, while ACC and Ambuja Cements were down over 1-2% each.

Also Read: Adani Group stocks fall up to 18.5% amid tighter election race; market cap drops ₹1.35 lakh crore

Meanwhile, Congress leader Rahul Gandhi, taking a dig at PM Modi after the election results said that the people of the country are directly correlating Adani with Modi.

“There’s a direct link of corruption,” Gandhi said.

“If Modi loses, the share market says Modi is gone so Adani is gone. Aapne Adani ke stocks dekhe (Did you check the Adani stocks)?” Gandhi further said on Tuesday while the votes were being counted.

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