Adani Group stocks extended losses on Tuesday, with Adani Power, Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Wilmar and NDTV scrips hitting lower circuits. Adani Enterprises, Adani Ports, Ambuja Cements and ACC shares tanked 2-4%. The recent developments reversed the uptrend in Gautam Adani-led companies’ shares. EPFO investment in two Adani Group companies, the appointment of former SEBI Chairman Upendra Kumar Sinha and Welspun India Ltd CEO and MD Dipali Goenka as Independent Directors of NDTV, Adani Group’s AMG Media Networks acquisition of digital business news platform Quintillion Business Media Pvt Ltd and NSE, BSE announcement of putting Adani Green Energy under the second stage of the long-term additional surveillance measure (ASM) framework may have dented the investor’s sentiment.
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Why Adani Group stocks are crashing; A look at recent developments
EPFO continues to invest in Adani Enterprises and Adani Ports
Employees Provident Fund Organisation (EPFO) has continued to invest in Adani Enterprises and Adani Ports and Special Economic Zone despite the Adani Group losing almost half of its market cap in a few months after allegations by Hindenburg Research. EPFO will keep doing so until September this year, unless its trustees rethink their investment approach when they meet this week, according to a report in The Hindu.
NSE, BSE put Adani Green Energy under second stage of long term ASM framework
NSE and BSE have put Adani Green Energy under the second stage of the long-term additional surveillance measure (ASM) framework. In two separate circulars, the bourses said Adani Green Energy will continue in the ASM framework but will be moved to the respective higher stage from March 28. The move comes following the announcement by stocks exchanges that they have moved Adani Total Gas and Adani Transmission from the second stage of the long-term ASM framework to Stage-I.
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Adani Group acquires 49% in Quintillion Business Media for Rs 48 crore
Adani Group’s AMG Media Networks has acquired a 49% stake in digital business news platform Quintillion Business Media Pvt Ltd for Rs 48 crore. In a stock exchange filing, Adani Enterprises Ltd said its subsidiary AMG Media Networks Ltd has completed the acquisition which was initially announced in May last year.
NDTV appoints ex-SEBI chief, Welspun India CEO as Independent Directors
Adani group-owned NDTV Ltd has appointed former SEBI Chairman Upendra Kumar Sinha and Welspun India Ltd CEO and MD Dipali Goenka as Independent Directors. The company’s board approved the appointment of both with immediate effect, NDTV said in a regulatory filing. Both of them have been appointed as Additional Directors in the capacity of Non-Executive Independent Directors with effect from March 27, 2023, for two years, up to March 26, 2025, NDTV said.
