Adani shares slid as exit poll prediction goes wrong for BJP

Mumbai: The earlier trends of BJP winning fewer seats in the Lok Sabha election results than the seats projected in the exit polls collapsed all the shares of Adani Group companies on Tuesday.

The stock of Adani Ports plummeted 20 percent, Adani Energy Solutions plunged 19.80 percent, Adani Power slumped 19.76 percent, Ambuja Cements tumbled 19.20 percent and the group's flagship firm Adani Enterprises tanked 19.13 percent on the BSE. The stock of Adani Ports plummeted 20 percent, Adani Energy Solutions plunged 19.80 percent, Adani Power slumped 19.76 percent, Ambuja Cements tumbled 19.20 percent and the group's flagship firm Adani Enterprises tanked 19.13 percent on the BSE.

Erasing the record-rally of the previous trade, the 30-share BSE Sensex dropped 4,131.44 points or 5.40 per cent to 72,337.34, and the Nifty slumped 1,263.3 points or 5.43 percent to 22,000.60. Shares of all Adani Group companies rallied sharply on Monday, with Adani Power surging nearly 16 percent in line with a massive surge in the equity market, taking the combined market valuation of the ten listed firms to Rs 19.42 lakh crore.

The stock of the majority of the group firms, including Adani Enterprises, Adani Ports, Adani Power and Adani Green, also bounced back to their pre-Hindenburg Research report levels on Monday. The BJP-led NDA was ahead with leads in 296 seats and the opposition INDIA bloc not far behind in 227 seats as votes were counted for the Lok Sabha elections on Tuesday, setting the course for a third consecutive term as prime minister for Narendra Modi but with a stronger opposition.

While the BJP was ahead in 236 of 542 seats, the Congress had leads in 97, signalling a dip for the ruling party from the 303 score in 2019 and a spike for the opposition party's 52 from the last election. An election marked by acridity and acrimony could end with the treasury benches in reduced numbers and an opposition with more teeth.

In trends available till 11.45 am, the NDA was close to the 300 mark, comfortably over the magic figure of 272 with the opposition INDIA bloc making significant gains. Shares of all group companies surged on Friday by up to 14 per cent after US brokerage Jefferies put a bullish view on the group that is back to an expansion spree with a planned USD 90 billion capital expenditure over the next decade.

Source: PTI