Adani bribery case: M-cap destory by around Rs 2.5 lakh crore as group stocks lost up to 23%

Adani Group bribery case: As the Adani Group conglomerate's Chairman Gautam Adani has been indicted implicit alleged bribery lawsuit by the US court, each of the Adani Group stocks tumbled sharply up to 23 per cent successful commercialized connected Thursday (November 21).

On the crisp losses, the group's marketplace capitalisation has taken a deed by astir Rs 2.5 lakh crore, with Adani Enterprises starring losses successful the stable.

Amid the rout, the different stocks from the handbasket which mislaid sharply see Adani Energy Solutions (down 20 per cent), Adani Green Energy (down 19 per cent) and Adani Ports and SEZ ( down implicit 17 per cent).

Consequent to the slump, Jigar S. Patel, Sr. Manager, Equity Research- Anand Rathi Shares and Stock Brokers held that Most Adani Group stocks are presently trading beneath their 200-day exponential moving averages (DEMA), a classical method indicator signalling weakness successful semipermanent trends. However, galore of these stocks are showing signs of being successful an highly oversold portion connected method indicators specified arsenic the Relative Strength Index (RSI) and stochastic oscillators.

This oversold information mightiness trigger a short-term bounce, though specified rebounds are often short-lived without important structural support. Consequently, it is advised to follow a "wait and watch" attack until determination is wide grounds of a basal formation, which would suggest a much sustainable recovery, added the expert.