Price of shares of Adani Enterprises At its lowest price, the stock was trading below the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The 14-day relative strength index (RSI) for the counter was 15.85. Oversold is defined as a value below 30, and overbought as a value beyond 70.
In trading on Wednesday, shares of Adani Enterprises fell, ending a two-session streak of gains. The stock fell 34.72% from its previous close of Rs 2,975 to a day low of Rs 1,942, just missing its lower circuit of Rs 1,933.75. The stock ultimately closed at Rs 2,128.70, down 28.45%.
At its lowest price, the stock was trading below the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The 14-day relative strength index (RSI) for the counter was 15.85. Oversold is defined as a value below 30, and overbought as a value beyond 70. The stock of the corporation has a 307.65 negative price-to-equity (P/E) ratio.
On the BSE, around 9.67 lakh shares were traded today, more than double Adani Enterprises’ two-week average volume of 4.06 lakh shares. The counter had a turnover of Rs 243.98 billion and a market capitalization (m-cap) of Rs 2,42,672.04 billion. On the BSE, there were 11,078 buy orders and 19,997 sell orders.
Following a report that Credit Suisse has stopped accepting bonds of Adani companies as collateral for margin loans to its private banking clients, all ten of the Adani Group’s listed stocks—including recently acquired ACC, Ambuja Cements, and NDTV—fell dramatically today.
A research study by US-based short seller Hindenburg Research claimed that the Indian company had participated in stock manipulation and an accounting fraud scheme over the past few decades, which caused the stocks to begin falling. However, Adani Group rejected the assertion as unfounded.
The organization claimed Hindenburg “copied and pasted” from the company filings without conducting adequate research.
The timing of Hindenburg’s report, according to the statement, made it evident that the short seller intended to harm “the follow-on public offering from Adani Enterprises, which is the biggest FPO ever in India.”
High-net-worth individuals and institutional investors aggressively bid, but the Rs 20,000 crore FPO from Adani Enterprises breezed through and was completely subscribed. However, employees and retail investors responded poorly to tepidly to the offer.
“Despite a fully subscribed FPO and the Budget 2023, the perception of Adani group stocks is still unfavorable, and today’s decline is a result of this. The subsequent sturdy support is Rs 2,013. If this level is broken on a daily basis, Rs 1,540 may result. Rs.2,665 is now a significant barrier “said Tips2trades’ AR Ramachandran.