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.