Adani Green, Adani Transmission, Adani Total Gas hit 52-week lows

Shares of Gautam Adani group companies continued to reel under pressure Adani Green Energy, Adani Transmission and Adani Total Gas hitting their respective 52-week lows on the BSE in Friday’s intra-day trade. Besides these three stocks, Adani Power also traded 5 per cent lower.

At 09:30 am; Adani Enterprises, the flagship company of Adani group, was down 3.5 per cent at 1,859.55. The stock slipped has 10 per cent to Rs 1,734.60 in intra-day trade so far.

Among the other group companies, Adani Ports and Special Economic Zone, Adani Wilmar, ACC, Ambuja Cements and New Delhi Television (NDTV) are down in the range of 1 per cent to 5 per cent. In comparison, the S&P BSE Sensex was down 0.35 per cent 60,594.

MSCI update

Global index provider MSCI said Wednesday that it was reviewing the amount of shares linked to the group that were freely tradable in public market. All Adani group entities, except for Adani Wilmar and NDTV, are part of MSCI’s key gauges for Asia Pacific, emerging markets and India, according to data compiled by Bloomberg. CLICK HERE FOR FULL REPORT

Meanwhile, according to report in the Financial Times, index provider MSCI has cut the free-float designations of four Adani group securities, which will impact the conglomerate’s index weightings.

MSCI said it had reduced the free floats of Adani Enterprises, Adani Total Gas, Adani Transmission and the ACC. The remaining companies’ free floats remain the same. CLICK HERE FOR FULL REPORT

MSCI had said on Thursday it was reviewing the free float status of Adani Group securities after market participants raised concerns about the eligibility of companies in the Indian conglomerate for some of its indexes.