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Sensex tumbles more than 400 points; Adani Ports gains around 4 per cent

·1-min read

On Friday, the stock markets remained volatile as the board sell-off continued.  

India VIX jumped more than 4 per cent whereas the majority of Adani Group companies locked in at their respective lower circuits thereby, giving an impression that all is not bad.  

Adani Ports & Special Economic Zone jumped around 3.99 per cent even in subdued market conditions and at a time when investors have turned sour towards its peer Group companies.

Previously, the shares of six Adani Group-listed companies declined as a result of reports circulating in the markets which stated that the accounts of its top foreign portfolio investors (FPIs) have been frozen by NSDL. To which, Adani Group replied saying that the reports are “blatantly erroneous” and are done to deliberately mislead the investing community.  

Meanwhile, Adani Group reported strong operational and financial performance for FY21 with a promising outlook for FY25, to which, many investors have been optimistic. Adani Ports & Special Economic Zones continues its journey from being a plain port service provider to a more integrated logistics player; thus, focussing on diversifying, geography-wise as well as product-wise. Overall, it has been quite attractive to investors.  

On Friday, the company’s stock was seen trading at Rs 672.60 per share, up by 3.99 per cent or Rs 25.80 per share. The 52-week high is Rs 901 per share while its 52-week low is Rs 298.10 per share on BSE.   

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