Wednesday, 7 March 2018

Adani Stocks Tumble Up To 7% and Gitanjali Gems Falls 5%, Hits Fresh 52-Week Low

After the BJP MP Subramanian Swamy tweeted that Gautam Adani is the biggest NPA trapeze artiste in PSUs, it was observed that the Adani group stocks fell down to 7 percent on Wednesday. The BJP MP also went on saying in his tweet that this is the time he is made accountable or a Public Interest Litigation (PIL) is predictable. After this tweet, the Adani stock plunged 7.38 per cent to Rs 180.50.
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The Adani group in a press release mentioned that the transmission and port businesses have been rated investment grade by international credit rating agencies. The company also went on saying that the entire company is enjoying a high credit rating from domestic rating agencies. In meeting with its debt obligations diligently, it stated that this is a testimony to the extremely high discipline followed by the group.

On Wednesday, the Adani Enterprises plunged 5.29 percent while Adani Power tanked 4.06 percent. On BSE, the Adani Ports & SEZ declined 3.41 percent. Believing the statement, the group’s dependence on PSU banks is less than Rs 34,000 crore. This is regularly serviced. The company stated in a press release that the Adani group has created world-class assets. The aggregate net asset block of Indian operations stands at over Rs 1,10,000 crore. On the other side, the aggregate net worth of the listed entities stands at over Rs 40,000 crore. The aggregate Ebitda stands at Rs 24,000 crore according to the company.

On Wednesday, it was noted that the shares of Gitanjali Gems plunged by another 5 percent in morning trade. This was due to the news that CBI tightened the noose on PNB offenders by arresting the vice president of Gitanjali Group of Companies. Yesterday, the CBI arrested Vipul Chitalia as he was accused of Rs 12,636-crore PNB scam. It is said that he is the mastermind in this case. He used to report directly to diamond trader Mehul Choksi.

Thus, on the BSE, the Gitanjali Gems stock slumped 5 percent to hit its fresh 52-week low of Rs 17.45. the stocks have lost approximately 80 percent since February 14. The stock fell to a 52-week low of Rs 17.40 on the NSE. The CBI confronted that Vipul Chitalia had also left the country like the prime accused Nirav Modi and Choksi.

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