Adani Shares Drop 28% in Two Days, Extend Losses
Shares of Adani Group companies have extended their selling spree for the second consecutive day, following news of Gautam Adani’s scrutiny by a US court over alleged bribery and fraud charges. Adani Green saw the most significant correction, losing about 6% early on Friday, with its share price falling to ₹1,021, down by 28% over the last two days.
Other Adani stocks, like Adani Energy Solutions, also took a hit, with its share price dropping by nearly 27% during the same period. However, stocks like ACC and Ambuja Cement showed signs of buying interest.
Will This Decline Continue?
Experts believe the current selling pressure in Adani Group shares is temporary. Anshul Jain, Head of Research at Lakshmishree Investment, stated that US court matters won’t affect the fundamentals of Adani companies. He expects a strong recovery once the situation settles.
Best Stock for Investment
For those looking for buying opportunities, Adani Ports is considered the best stock in the group. Sumeet Bagadia, Executive Director at Choice Broking, recommends buying Adani Port shares at the current price, with a target of ₹1,250 and a stop loss at ₹1,000.
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