Adani Stock Locked at 5% LC for 3rd Day, Sheds 25% in 9 Days, Plummets 81% YTD

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Adani Stock Locked at 5% LC for 3rd Day, Sheds 25% in 9 Days, Plummets 81% YTD
Credit: © Reuters.

By Malvika Gurung -- Shares of the natural gas distributor Adani Total Gas (NS: ADAG ) Ltd were locked at a 5% lower circuit of Rs 701.7 apiece for the third consecutive session on Wednesday, extending their rout for the fourth straight day on May 17, 2023.

The Adani Group stock has been declining for the past four sessions, falling 17.3% in the period. The stock has gained only once in the past 9 trading sessions, shedding 24.56% of its valuation during this duration.

In the past one-month period, Adani Total Gas’ shares have tumbled 26%. So far in the calendar year 2023, the large-cap stock has plummeted 81%, severely underperforming the benchmark indices Nifty50 and Sensex .

Adani Total Gas’ shares have been nosediving ever since the damning Hindenberg report on Adani Group’s alleged malpractices.

Further, the case has become bleaker for Adani Total Gas’ stock after the global index MSCI Global Standard Index stated to drop two Adani Group stocks, namely Adani Transmission (NS: ADAI ) and Adani Total Gas last week, as part of its adjustments in the May index review that shall take place on May 31, 2023.

InvestingPro models appear bearish on the Adani Group stock and have an average fair value of Rs 647.88/share set on it. At its current market price, the average fair value is at a potential downside of 7.7%.

InvestingPro sees the most bearish fair value set on Adani Total Gas at Rs 446.21/share, indicating a 36.4% potential downside.

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