Indian stocks tumbled on Thursday, weighed down by rising concerns about escalating geopolitical tensions, and a sell-off in Adani Group companies’ shares following news about the indictment of Gautam Adani and a few other executives of the group on bribery charges in the U.S.
The market recovered some lost ground after a sharp early plunge, but still ended the day’s session on a weak note, with stocks from metal, automobile, FMCG and banking sectors registering sharp losses.
The BSE benchmark Sensex, which dropped to 76,802.73 in early trades, settled with a loss of 422.59 points or 0.54% at 77,155.79. The broader Nifty50 index of the National Stock Exchange closed down 168.60 points or 0.72% at 23,349.90, nearly 90 points off the day’s low of 23,263.15.
Adani Ports, down 13.5%, was the biggest loser in the Sensex. Among other stocks from the Adani Group, Adani Enterprises plunged 22.6%, Adani Green tumbled 19%, Adani Power lost 9.1%, Adani Total Gas plummeted 10.4%, and Adani Wilmar closed down 10%.
ACC and Ambuja Cements tanked as well, losing 7.3% and 11.9%, respectively.
Adani Group shares fell as the U.S. Securities Exchange Commission charged Gautam Adani, Sagar Adani, and Cyril Cabanes, an executive of Azure Power Global Ltd for misleading US investors, alleging a massive bribery scheme with the Indian government.
The US market regulator said the scheme was to secure a commitment of the Indian government buying energy from them at above-market rates that would benefit Adani green and Azure Power.
NTPC, State Bank of India, ITC, Asian Paints, Bajaj Finance, IndusInd Bank, Bajaj Finserv, Reliance Industries, Tata Motors, Titan and Hind Unilever lost 1 to 2.8%.
ONGC, Britannia Industries, SBI Life, Dr Reddy’s Laboratories, BPCL and BEL also closed notably lower.
Power Grid Corporation rallied nearly 3.5%. UltraTech Cement gained about 1.7%. Tata Consultancy Services, HCL Technologies, Kotak Bank, Tata Steel and Infosys posted moderate gains.
Market Analysis
Sensex, Nifty End Notably Lower; Adani Group Stocks Fall On Bribery Charges In U.S.
2024-11-21 12:29:11
