At 10:55 am, Adani Total Gas shares were trading 5 per cent lower at Rs 633.35 apiece. In the past five days, the stock fell nearly 20 per cent and over 31 per cent in one month.
By India Today Business DeskShares of Adani Total Gas hit its lower circuit of 5 per cent on Friday, continuing its poor run on the stock market.
At 10:55 am, Adani Total Gas shares were trading 5 per cent lower at Rs 633.35 apiece. In the past five days, the stock fell nearly 20 per cent and over 31 per cent in one month.
In fact, Adani Total Gas has been under pressure ever since US short-seller Hindenburg Research came out with its scathing report. Of all the Adani Group companies, it suffered the biggest loss on the stock market.
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While the stock bounced back sharply in March and April, this month has not been particularly good for the stock.
Adani Total Gas is one of the two group companies that are slated to be dropped out of the MSCI India index at the close of trading on May 31.
Adani Transmission is the other company that will be dropped out of the index. The company’s stock is also down over 4 per cent on the stock market.
The decision was taken by Morgan Stanley as part of its quarterly comprehensive review.
This has fuelled negative sentiments and even the recent fundraising plan has been unable to calm investors. Both the stocks, especially Adani Total Gas, are facing higher selling pressure in the wake of the development.
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Ryleigh Mante
Julian Marks
Irwin Lind