Adani group stocks plunge on Tuesday; AGEL fell 7 %

NEW DELHI: Shares of Adani Group declined on Tuesday, with Adani Green Energy tumbling over 7 per cent to Rs 899.40 on the BSE. Adani Enterprises declined 4.78 per cent decrease to Rs 2,149.80, while Adani Energy Solutions fell by 3.79 per cent to Rs 601.15.

Additionally, Adanii Total Gas fell 3.50 per cent, Adani Ports 3.23 per cent, Adani Wilmar 2.44 per cent, Ambuja Cements 2.30 per cent, Adani Power (2.04 per cent), Sanghi Industries 1.91 per cent, ACC 1.37 per cent, and NDTV 0.09 per cent.

Meanwhile, the broader market also ended in red, with the BSE Sensex falling 105.79 points to 80,004.06 and NSE Nifty declining 27.40 points to 24,194.50.

Earlier, TotalEnergies SE announced its decision to halt new investments in Adani group, stating it was unaware of the US corruption investigation against the group's founder chairman. However, GQG Partners maintained its confidence in its investments, noting the indictment targets individuals rather than the group.

The Adani group dismissed these allegations as unfounded and announced plans to pursue legal action. The group stated that TotalEnergies' investment pause would not significantly affect operations as no new funding discussions were ongoing.

Credit rating agencies have also responded to the situation, with Moody's revising the outlook for seven Adani entities to 'negative', while Fitch Ratings placed certain bonds under negative watch.