Adani Group shares pares losses as BJP takes lead in Gujarat Assembly poll results
- Adani Group shares were down 4% at 0932 hours.
- BJP is leading on 103 seats in Gujarat.
- Shares of Adani companies quickly edged up at 1030 hours on BSE Sensex.
After opening on a low note, shares of the companies of the listed Adani Group climbed higher on the BSE Sensex on Monday.
The Indian multinational conglomerate company headquartered in Ahmedabad, Gujarat climbed soon after live counting of election results revealed that Prime Minister Narendra Modi’s BJP were in the lead.
Stocks of Adani Enterprises, Adani Power, Adani Transmission, Adani Transmission and Adani Ports and Special Economic Zone were down up to 4% at 0932 hours.
Early counting of the Gujarat Assembly election results showed that Congress was tied with BJP.
However, live counting of the Assembly seats in Gujarat revealed that a total of 103 seats are in favour of the BJP while Congress is leading on 76 seats.
The company also announced that it has cancelled plans with Downer EDI Ltd to help develop and run its Carmichael coal mine in Australia. Adani Group failed to secure a cheap government loan for the A$16.5 billion ($13 billion) project.
Losers on the BSE Sensex in early trade (0930 hours) were Sintex (7.51%), Adani Enterprises (6.79%), Adani Power (6.67%), GNFC (6.17%) and Adani Transmission (5.79%).
However, at 1030 hours Adani ports were up 1.65% at Rs 408.60 apiece, Adani enterprises (+0.48%) Rs 155.50, Adani Power (+0.14%) Rs 35.30 and Adani Transmission were up 2% at Rs 207.85 apiece.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
Guaranteed Pension System (GPS) vs Old Pension Scheme (OPS): Which pension scheme offers maximum retirement benefits?
Amazon Great Indian Festival Sale: SBI, ICICI Bank and other credit card offers, cashback and discounts
Small savings schemes: Five-year recurring deposit will make more money for you in December quarter; this is the new interest rate
Plaza Wires IPO hits Street: Issue price, subscription status, listing date, other key details to know
Kerala Weather Update: Heavy rain lashes parts of Thiruvananthapuram, IMD sounds yellow alert in all districts
Flipkart Big Billion Days Sale 2023: iPhone, Google Pixel, Samsung Galaxy, and Motorola; best phones under Rs 60K-Rs 1.5 lakh category
Flipkart Big Billion Days Sale 2023: Samsung, Redmi, Realme, Poco and more; best phones under Rs 15,000