Adani Group stocks plunge amid market downturn

Adani group stocks plummet: All ten stocks belonging to the Adani Group, spanning various sectors such as Ports, Enterprises, Total Gas, Adani Wilmar, and Cement majors ACC & Ambuja, saw losses ranging between 5 per cent to 13 per cent on Wednesday. The decline coincides with a broader downturn in the market.

The Indian equity market saw a sharp decline, with the Sensex plummeting by as much as 756 points, BSE data showed. The Nifty50 index also dropped to hit an intraday low of 22,040.

Meanwhile, mid- and small-cap shares faced considerable selling pressure during noon deals.

The selling pressure on mid- and small-cap shares intensified following remarks from Madhabi Puri Buch, the chairman of the Securities and Exchange Board of India (SEBI), expressing concerns about market 'froth', particularly in this segment.

Among the Nifty 50 index's top losers were Adani Ports and Adani Enterprises, NSE data showed. Adani Enterprises, the flagship company of the Adani Group, saw its shares plummet by over 6 per cent, while Adani Ports saw a decline of more than 5.7 per cent.

Reports indicate that the Adani Group stocks collectively lost approximately Rs 90,000 crore in market capitalisation in today's trading session.

As of 1:01 pm, Adani Enterprises shares were down by 5.31 per cent, trading at Rs 2,955 per share. Adani Ports also saw a decline, trading over 5 per cent lower at Rs 1,232.40 per share. Additionally, Adani Green shares were trading 5.48 per cent lower at Rs 1,794.70, while Adani Total Gas witnessed a nearly 6.30 per cent drop, trading at Rs 904.80 per share.