Adani Group equities, including Adani Enterprises, Adani Ports, Adani Energy Solutions, and others, fell up to 14% on Wednesday, continuing their significant plunge from the previous day on the Lok Sabha election results 2024.
Adani Enterprises, Adani Energy Solutions, Adani Ports & SEZ, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Wilmar all had 2% to 14% share price declines. On June 4, the Adani Group's 10 stocks had a market capitalization loss of around ₹3 lakh crore.
Adani stocks were among the top gainers on June 3 after exit polls showed Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) winning a comfortable majority in the Lok Sabha elections 2024.
However, Adani stocks fell sharply on Tuesday and continued to tumble today as the actual election results differed from expectations, with the BJP falling short of a full majority in the lower chamber of Parliament. Despite this, PM Modi will form the government with the help of his NDA allies.
The share price of Adani Energy Solutions fell by more than 14%, Adani Power fell by 11%, Adani Enterprises fell by more than 6%, Adani Ports fell by more than 7%, and Adani Total Gas fell by 9%. Adani Wilmar shares fell 4%.
NDTV's stock dropped 5%, while ACC and Ambuja Cements fell more than 1-2% each. Meanwhile, Congress leader Rahul Gandhi, responding to the election results, stated that the people of the country associate Adani with Modi.
"There is a direct link to corruption," Gandhi stated. "If Modi loses, the share market believes Modi is gone, which means Adani is gone. Have you checked the Adani stocks?" Gandhi added on Tuesday as the ballots were being tabulated.
