Adani Group Stocks Witness Profit Booking, Retreat from Recent Surge

Following a remarkable upswing in the preceding two trading sessions, Adani Group stocks experienced profit booking on November 30, prompting a retracement in their prices. Several companies within the group witnessed substantial gains, reaching up to 38 percent over the past two trading sessions. However, as investors chose to lock in profits, the stocks underwent a pullback, declining by up to 5 percent.

Adani Total Gas, which had surged nearly 40 percent in the last two days, saw a 5.4 percent dip on November 30, hitting an intraday low of Rs 692 on the National Stock Exchange (NSE). Trading activity amounted to around 50 lakh shares on the NSE and NSE combined, below the one-week average volume of 79 lakh shares.

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Adani Power shares experienced a 3.6 percent decline, reaching the day’s low of Rs 417.10 on the NSE. Despite a 12 percent surge on November 28, the stock has since receded by around 6 percent due to profit booking. Year-to-date, Adani Power’s performance remains robust, exhibiting a 42 percent increase, surpassing the Nifty 50 benchmark’s 10 percent rise during the same period.

Shares of Adani Energy Solutions also recorded a 3 percent fall, hitting the day’s low of Rs 846.10 on the NSE. Although the stock had surged nearly 20 percent in the last two days, it still registers a 4 percent downturn on a year-to-date (YTD) basis.

Adani Green Energy share price slipped over 3 percent to an intraday low of Rs 1,006.25 on NSE. Despite a 12 percent surge on November 28, the stock has since witnessed a 4 percent decline, resulting in a 46 percent year-to-date (YTD) downturn. Adani Wilmar shares fell nearly 3 percent to Rs 337.10 on the NSE.

The flagship conglomerate, Adani Enterprises, experienced a 1.8 percent fall to the day’s low of Rs 2,351.00. Adani Ports shares were also trading with losses. Among other Adani Group listed firms, NDTV and Ambuja Cements shares were marginally higher, while ACC stock was trading in the red.