Adani Group stocks continue to losses on Wednesday; down up to 14%. Adani Group stocks, including Adani Enterprises, Adani Ports, Adani Ener...
Adani Group stocks continue to losses on Wednesday; down up to 14%.
Adani Group stocks, including Adani Enterprises, Adani Ports, Adani Energy Solutions, and others, experienced a drop of up to 14% on Wednesday. This downturn continued the steep decline from the previous session, which followed the Lok Sabha election results in 2024.
Shares of Adani Enterprises, Adani Energy Solutions, Adani Ports & SEZ, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Wilmar fell between 2% and 14% each. On June 4, these Adani Group stocks lost approximately ₹3 lakh crore in market capitalization.
Adani stocks were among the top performers on June 3, after exit polls predicted a decisive victory for Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) in the 2024 Lok Sabha elections.
However, the stocks suffered significant losses on Tuesday and continued to fall today as the actual election results did not match these forecasts, with the BJP failing to secure an outright majority in the lower house of Parliament. Despite this, PM Modi is poised to form the government with the support of his NDA allies.
Shares of Adani Energy Solutions plunged over 14%, Adani Power by 11%, Adani Enterprises by over 6%, Adani Ports by more than 7%, and Adani Total Gas by 9%. Adani Wilmar shares also saw a decrease of 4%.
Meanwhile, Congress leader Rahul Gandhi, commenting on the election results, suggested that the public is drawing a direct connection between Adani and Modi.
"There's a direct link of corruption," Rahul Gandhi stated.
He further commented, "If Modi loses, the stock market reacts as if Modi is gone, so Adani is gone. Have you seen the Adani stocks?" When votes were being counted Rahul Gandhi remarked on Tuesday.
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