Adani Enterprises Crashes 35% on Friday, Hits 52-Wk Low for Day-2

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Adani Enterprises Crashes 35% on Friday, Hits 52-Wk Low for Day-2
Credit: © Reuters.

By Malvika Gurung

Investing.com -- In a catastrophic development on Friday, shares of the flagship company of Adani Group, Adani Enterprises (NS: ADEL ) crashed 35% during the intra-day trade in the morning session, nosediving to a new 52-week low of Rs 1,017.45 apiece.

The mega-cap stock hit a 52-week low for the second straight session on Friday, as a merciless rout continued across all Adani Group stocks to the seventh straight session, eroding almost $120 billion from their combined market valuation.

Adani Enterprises will also be eliminated from the widely used S&P Dow Jones Sustainability Indices, coming into effect from Feb 7, 2023, following a media and stakeholder analysis triggered by allegations of accounting fraud’, Dow Jones index said in a statement.

The domestic bourse National Stock Exchange has added three Adani Group stocks under the Short-Term Additional Surveillance Measure (ST-ASM) Stage I framework, with effect from Feb 3, 2023, to keep a check on short-selling.

Adani Enterprises, Adani Ports and Special Economic Zone (NS: APSE ) and Ambuja Cements (NS: ABUJ ) have been put to the ASM framework by NSE, which holds those securities that come into the limelight on accounts of price fluctuation, volatility, and volume variance, among others.

Read Also: NSE Adds 3 Adani Stocks Under ASM Framework on Feb 3: What Does it Mean?

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