Shares of Adani Ent slipped 4% in trade on Monday morning after reports suggest that the co has suspended work on Rs 34,900 cr petrochemical project in Mundra, Gujarat. The stock hit a day’s low of Rs 1,791 on NSE. At 10:45 am, Adani Enterprises stock was down 3.8% at Rs 1,804.
According to media reports, Adani Enterprises has also suspended its plans to raise Rs 14,000 crore fund raising plans for the project. Shares of Adani Enterprises have been on the downfall ever since the Hindenburg saga unfolded.
Adani Enterprises in 2021 incorporated a wholly owned subsidiary, Mundra Petrochem to set up greenfield coal-to-PVC plant at the Adani Ports and Special Economic Zone (APSEZ) land in Gujarat.
The company’s market capitalisation on Monday morning stood at Rs 2.06 lakh crore, according to data available on exchanges.