Top gainer: Power grid 322 ▲ 7.5 (+2.38%)
Top loser: Adani Enterprises Limited 2,286 ▼ 535 (-18.97%)
Adani Group stocks tumble up to 20%
Shares of conglomerate Adani Group companies, such as Adani Energy Solutions, Adani Total Gas, Adani Green Energy, Adani Power, Adani Enterprises, Adani Ports, and Adani Wilmar, among others, tumbled up to 20% in the opening deals on Thursday, November 21. The stocks nosedived as Gautam Adani, the billionaire chairman of the Adani Group and one of the world’s richest people, has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme.
Shares of PSP Projects were down around 9%
PSP Projects shares were down around 9% at ₹612.15 apiece on the BSE after reports that billionaire Gautam Adani’s Adani Infra will buy a 30.07% stake in construction firm PSP Projects for ₹685.36 crore as it looks to consolidate its construction capabilities. Adani Infra, a unit of Adani Group’s flagship firm Adani Enterprises, will buy the shares from Prahladbhai S Patel, who leads PSP Projects and is its top shareholder, the construction firm said in a stock exchange filing.
Shares of Indian Hotels were trading over 5% higher
Indian Hotels stock was trading over 5% higher at ₹793.50 on the BSE. The stock has been on an uptrend after good Q2 results. Further, on Tuesday, the hospitality company unveiled its "Accelerate 2030’ strategy. The Tata Group company announced its comprehensive strategy for 2030. Under the plan, IHCL will expand its brandscape, deliver industry-leading margins, double its consolidated revenue with a 20% return on capital employed, and grow its portfolio to 700+ hotels while building on its world-renowned service ethos.