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Adani Group Shares Drop Up to 17% as NDA Falls Short of Exit Poll Tally

June 4, 2024
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Shares of Adani Group companies were reeling under pressure, tumbling up to 17% on the opening tick on Tuesday, June 4. This was after early vote-counting trends showed Prime Minister Narendra Modi’s Bharatiya Janata Party-led alliance leading in more than 272 seats, but the extent of the victory was not clear.

Adani Power, the power utilities player, dropped about 14% to ₹756.65 on Tuesday, with a market capitalization of little more than ₹3.20 lakh crore. The scrip had settled at ₹875 in the previous trading session. Adani Green Energy, another power generation firm, crashed 6% to ₹1,918 with a mcap at ₹3.04 lakh crore, compared to its close at ₹2037.65.

Adani Wilmar and Adani Total Gas dropped 4% and 7% each to ₹353.50 and ₹1,044.95, respectively, while Adani Enterprises, the flagship company of the Adani Group, dropped about 10% to ₹3,280.75 in the early trade.

Adani Ports and Special Economic Zone fell 6.16% to ₹1,486.30 on Tuesday.

Acquired entities like ACC, Ambuja Cements and New Delhi Television were also down up to 9% at the open.

The NSE Nifty 50 index was down 2.30% at 22,729.95 as of 10 am, and the S&P BSE Sensex fell 2.31% to 74,705.76.

The frontline indices jumped over 3% on Monday, hitting record highs and logging their best session in nearly 40 months after exit polls projected that the BJP-led alliance will likely get a two-thirds majority in the lower house.

According to the early trends, the NDA is past the majority mark in very early leads but INDIA bloc is in the fight.

Voting was held for 543 Lok Sabha seats over seven phases, which ended on May 31. The majority mark is 272.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)

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