The share price of Ambuja Cements tanked down around 25% on 27th January 2023. The stock witnessed the biggest fall since 2006. The stock saw an intraday low of 345/share post with after seeing a recovery it settled at 384/share. The stock was trading below its open offer price with deep cuts. For Ambuja Cements Ltd., the Adani Group had opened an offer at ₹385 per share in May 2022.
In September 2022, news made rounds that Adani group has encumbered its 63.15% stake in Ambuja Cements and 56.7% stake in ACC (of which 50% is held by Ambuja Cements) to the Hong Kong Branch of Deutsche Bank AG.
Adani Group’s sentiments turned weak after the Hindenburg research report and hence all the Adani Group stocks including Ambuja Cements saw major weakness. In fact, over the last 2 days most Adani Group shares have plunged by more than 20%. Hindenburg Research LLC released a report saying it was shorting Adani Group stocks alleging stock manipulation and accounting fraud. In response to which, the conglomerate said Hindenburg’s report was “a malicious combination of selective misinformation and stale, baseless and discredited allegations.” But this was not enough to contain the fall in the shares. The timing of the report clearly explained the intention to damage the upcoming follow on Public offer from Adani Enterprise said the Group CFO Jugeshinder Singh of the group.
As far as the market capitalization is concerned, in the past 2 trading sessions, the Adani Group stocks wiped-off over Rs. 4 lk cr worth of wealth.
Name MCap Change (in Rs. Cr)
ADANI TOTAL GAS LTD -105,994
ADANI TRANSMISSION LTD -83,433
ADANI ENTERPRISES LTD -71,011
ADANI GREEN ENERGY LTD -68,201
ADANI PORTS AND SPECIAL ECON -35,934
AMBUJA CEMENTS LTD -23,470
ADANI POWER LTD -10,298
ACC LTD -9,010
ADANI WILMAR LTD -7,252
NEW DELHI TELEVISION LTD -178