Adani Group shares under pressure; Adani Ent falls 5%, Adani Ports down 3%

Some of the biggest Adani group backers from the Gulf are likely to be among the largest buyers of the Adani Enterprises' FPO, which is expected to be launched later this month.

Shares of Gautam Adani Group companies were under pressure on Tuesday, falling up to 5 per cent on the BSE, as the benchmark index fell over 1 per cent.

Adani Enterprises, Ambuja Cements, Adani Power, Adani Ports and Special Economic Zone (SEZ), Adani Wilmar, Adani Total Gas, ACC, Adani Green Energy and Adani Transmission fell in the range of 2 per cent to 5 per cent on the BSE. In comparison, the S&P BSE Sensex was trading lower by 1.2 per cent at 60,047 at 01:15 PM.

Among individual stocks, the Group's flagship company -- Adani Enterprises – slipped 5 per cent to Rs 3,854.20 on the BSE in the intra-day trade today. With today's fall, the stock has corrected 13 per cent from its record high level of Rs 4,189.10, touched on December 21, 2022.

Adani Enterprises' board, on November 25,  had approved raising of funds by way of a further public offering (FPO) through a fresh issue of equity shares, aggregating up to Rs 20,000 crore.

According to The Economic Times, some of the biggest Adani group backers from the Gulf, including its strategic equity partner International Holding Company (IHC), are likely to be among the largest buyers of the FPO. The FPO is expected to be launched later this month.

The publication, citing people aware of the matter, reported that conglomerates such as IHC, and the public market desks of Abu Dhabi Investment Authority, ADQ, Qatar Investment Authority and Mubadala have been tapped for the FPO, which will be the largest such issuance in India to date. CLICK HERE FOR FULL REPORT