InvestorQ : Do you see the correction in the Adani group shares continuing or should the stocks take support around these levels?
Niti Shenoi made post

Do you see the correction in the Adani group shares continuing or should the stocks take support around these levels?

Answer
image
ishika Banerjee answered.
6 months ago
Follow

That is hard to say because the correction has been very sharp with more than $25 billion of market wiped out. There is surely some pocket of value emerging but whether people will jump in and buy is not too clear at this point of time. Adani group is into the business of airports, ports, green power, transmission, coal and gas trading, defence etc. Three funds with substantial holdings in Adani group saw their demat accounts frozen.

It is estimated that some of the funds that were locked in last week due to non-compliance on data sharing had over 90% of their funds locked into Adani group shares as per data disclosed by Trendlyne Research. Retail holdings in the Adani group stocks have been less than 5% with most stocks held either by institutions or by group trusts. It is estimated that nearly a quarter of the gains of the last one year were wiped out in a week.

8 Views