February 13, 2023 / 10:28 AM IST

Adani Group Stocks under pressure

Adani Group stocks were under pressure after Gautam Adani’s conglomerate has halved its revenue growth target and plans to hold off fresh capital expenditure, according to people familiar with the matter, as the Indian billionaire seeks to rebuild investor confidence in the wake of a bruising short seller attack.

The group will now shoot for revenue growth of 15% to 20% for at least the next financial year, down from the 40% growth originally targeted, said the people, who didn’t want to be named as the discussions are private. Capital expenditure plans will also be scaled down, they said, as the group prioritizes bolstering its financial health over aggressive expansion.

Adani Transmission touched 52-week low of Rs 1,126.85 and quoting at Rs 1,126.85, down Rs 59.30, or 5.00 percent.

Adani Green Energy touched 52-week low of Rs 687.75 and quoting at Rs 687.75, down Rs 36.15, or 4.99 percent.

Adani Total Gas touched 52-week low of Rs 1,195.35 and quoting at Rs 1,195.35, down Rs 62.90, or 5.00 percent.

Adani Enterprises was quoting at Rs 1,794.00, down Rs 53.35, or 2.89 percent and Adani Power was quoting at Rs 156.10, down Rs 8.20, or 4.99 percent.

Adani Wilmar was quoting at Rs 419.20, down Rs 16.90, or 3.88 percent and Adani Ports and Special Economic Zone was quoting at Rs 576.30, down Rs 7.55, or 1.29 percent.