Adani Stocks Tumble As Market Doubts BJP Win; Adani Power Down 19%
In the Nifty 50, Adani Ports trades as the biggest loser with more than 15 per cent loss, while Adani Enterprises loses 14.5 per cent
The stocks of Adani conglomerate plummeted massively in the Tuesday trading session along with broader markets on account of election day volatility due to uncertainty of the new government.
In the Nifty 50, Adani Ports traded as the biggest loser with more than 15 per cent loss, while Adani Enterprises lost 14.5 per cent. Nifty 50 on the other hand, traded 4.44 per cent or 1057 points lower at 22,217 levels at the time of filing this story.
Among other Adani stocks, Ambuja Cements also tumbled 14.6 per cent followed by a more than 17 per cent dip in Adani Energy and Solutions, while Adani Total Gas, NDTV, Adani Green Energy and Adani Power lost between 14 to 15 per cent.
Notably, Adani Wilmar lost the least with only 8 per cent dip in the morning session.
Stocks YTD Performance
In 2024 so far the highest year-to-date returns (YTD) is attributed to Adani Power which delivered 41 per cent returns followed by 31 per cent returns by Adani Ports.
Adani Enterprises and Adani Green delivered 8.6 per cent and 5.5 per cent returns respectively. Adani Energy Solutions lost 4 per cent, while Ambuja Cements delivered nearly 10 per cent returns.
Additionally, Adani Total Gas delivered 4.5 per cent negative YTD returns and Adani Wilmar slumped nearly 8 per cent. Adani-owned media house NDTV lost nearly 12 per cent in 2024 so far.
Portfolio Performance
In the recently concluded financial year 2023-24, the Adani Group of companies performed its best, delivering a record overall EBITDA growth of 45 per cent.
"Sustained growth in EBITDA is due to a high contribution of the core infra and utility platform, which offers a high level of predictability, stability, and visibility," the conglomerate said on Sunday.
The core infra and utility platform generated Rs 69,337 crore or 84 per cent of the total earnings before interest, taxes, depreciation, and amortisation EBITDA.
With strong cash flows and enhanced credit profiles, the Adani Portfolio is seemingly in a 'stronger than ever' position to accelerate the growth momentum.
Coming to its debt mix, domestic banking exposure stands at 36 per cent and domestic capital markets at 5 per cent whereas 26 per cent is the exposure to the global banking market; the global capital market is at 29 per cent and the balance 4 per cent is with ‘others’.
