Stocks
Adani shares jumps after botched $2.5b share sells
Shares in India’s Adani group of companies plunged on Thursday, (2 February) after the tycoon Gautam Adani-led conglomerate shelved a $2.5 billion share sale amid a turbulent market, citing the need to insulate investors from potential losses.
Adani on Wednesday called off the share sale as a rout sparked by U.S. short-sellers criticisms wiped billions more off the value of the Indian tycoon’s stocks.
Shares in Adani Enterprises (ADEL.NS) dropped 8 percent, after opening 10 percent higher, while Adani Ports and Special Economic Zone (APSE.NS) fell 10 percent.
Adani Total Gas (ADAG.NS) was down 10 percent, Adani Power (ADAN.NS) lost 5 percent, Adani Wilmar (ADAW.NS) sank 5 percent while Adani Green Energy (ADNA.NS) tumbled 10 percent.
The withdrawal of the Adani Enterprises (ADEL.NS) share marked a stunning setback for Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years in line with the stock values of his businesses.
“Today the market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct,” Adani said late on Wednesday.
One of the listed companies, Global Heavy Chemicals Limited discloses its financial reports for the third quarter, (January – March 24).
The company’s earnings per share (EPS) was loss Tk 0.18 paisa in Q3 of the current financial year (January – March 24). EPS was loss Tk 0.53 paisa during the same period last year. NAV per share was Tk. 42.11 as on March 31, 2024.
One of the listed companies, Navana Pharmaceuticals PLC discloses its financial reports for the third quarter, (January – March 24).
The company’s earnings per share (EPS) was Tk 1.00 paisa in Q3 of the current financial year (January – March 24). EPS was Tk 1.09 paisa during the same period last year. NAV per share was Tk. 42.11 as on March 31, 2024.
One of the listed companies, Northern Islami Insurance Limited discloses its financial reports for the first quarter, (January – March 24).
The company’s earnings per share (EPS) was Tk 0.70 paisa in Q1 of the current financial year (January – March 24). EPS was Tk 0.69 paisa during the same period last year. NAV per share was loss Tk. 24.69 as of March 31, 2024
