Adani Green Energy shares tumble 10% as Credit Suisse assigns zero lending value

According to a report, Adani Green Energy shares fell by up to 10% as Swiss lender Credit Suisse assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd. The Bloomberg report said that the lending value for the Adani Ports notes was about 75%.

Adani Green Energy shares dropped 10% to Rs 1,101 in a single day. 65 against the previous close of 1224.05 on the BSE. The stock had gained 5.29% on the day to Rs 1288.75 on the BSE earlier in the day. It lost 14.51% intraday from the high point of the day. The stock of Adani Green Energy was 5.78% lower at Rs 1153.35 on the BSE.

In 2023, the large cap stock has lost 39% and fell 40.31 in a year. Adani Green Energy stock is trading lower than the 50 day, 20 day, 50 day, 100 day and 200 day moving averages.

Abhijeet from Tips 2 Trade said, like other Adani group stocks, Adani Green continues its downward slide with support now at Rs 1080. A daily close below that level could lead to Rs 875 on the daily charts. The resistance will be at 1285. The market value of Adani Group fell to 1.82 lakh crore on BSE. A total of 5.36 lakh shares of Adani Green Energy changed hands, amounting to a turnover of Rs 62.62 crore.

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Adani Ports saw profit-booking in the final hours of trading as investors booked profit from the peak of the Budget rally. The selloff started after the Bloomberg report stated that Credit Suisse's private bank has stopped accepting bonds of Gautam Adani'sAdani's group of companies as collateral for margin loans to private banking clients.

Adani Ports and Special Economic Zone share hit a new 52 week low of Rs 459.60, falling 25% against the previous close of Rs 612.80 on BSE.

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The stock of Adani Enterprises plunged 34.72 per cent to hit the day's low of Rs 1,942 against a previous close of Rs 2,975, just shy of its lower circuit of Rs 1,933. The scrip settled at Rs 2,128, 28.45 per cent lower than that of 28.45 per cent. The Group called the report Hindenburg as maliciously mischievous and unresearched and adversely affected the Adani GroupAdani Group, its shareholders and investors. William Ackman, a billionaire investor, said in a tweet that he found short-seller Hindenburg Research's report on Adani Group highly credible and well researched. Adani Group had said that the timing of the Hindenburg report's publication shows a brazen, mala fide intention to undermine the group's reputation with the aim of damaging the follow-on public offering from Adani Enterprises, which is the biggest FPO in India.

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