Gautam Adani Group Stocks is Too Big To Fail in India

The Adani Group, India’s one of top most conglomerates is stuck in controversy. Earlier, Gautam Adani Group stocks were targeted by Hindenburg Research. Now, Adani Group and its top management is falling into the controversy of bribery, fraud, and obstructing justice.

The US Department of Justice has raised questions on Gautam Adani Group. DOJ claims that between 2020 and 2024, Adani executives paid over $250 million in bribes to win solar energy contracts. These contracts were tendered by the Solar Energy Corporation of India. The projects promised huge profits up to $2 billion over the next 20 years.

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Statement From Adani Group Denied US Report

Gautam Adani Group denied the allegations of US Reports. Due to this, Adani Group stocks recovered in the Tuesday session. Adani Enterprises share, Adani Ports share and Adani Total Gas share price closed green. Nifty and Sensex index also recovers and shows signs of forming short term bottom formation. 

Adani Group Stocks Hits Lower Circuit in NSE, BSE

The list of Adani Group Stocks are Adani Green Energy, Adani Enterprises, Adani Ports, Adani Wilmar, Adani Power, Adani Energy, Adani Total Gas. These fell badly on the 21 November trading session, which raised concern for the investors. Adani Green Energy share price hits lower circuit and falls over 20% in a single day.

Solar Energy sectors stocks got caught in the selling and eroded the most of the profits  made in the last few months. So, now let’s check the technicals of Adani Group stocks and try to figure out is it worth buying Adani Group shares or not?

Adani Green Energy Share Price Update

Adani Green Energy share price declined 18% on Monday and slipped below Rs 1200 mark. On Tuesday, the stock opened a gap down and gave another 8% cut by closing. The big support for Adani Green energy share is at 815, however the immediate support will be at Rs 950.

Adani Enterprises Share Price Update

Adani Enterprises share price declined 22.61% on Monday and slipped below Rs 1200 mark. On Tuesday, the stock opened a gap down but at the end, prices recovered and closed at Rs 2,228. The big support for Adani Enterprises share is at 1,100, however the immediate support will be at Rs 1800.

Adani Ports Share Price Update

Adani Ports share price declined 13.57% on Monday and slipped below Rs 1200 mark. On Tuesday, the stock opened a gap down but at the end, prices recovered and closed at Rs 1136. The big support for Adani Ports share is at 880, however the immediate support will be at Rs 994.

Adani Wilmar Share Price Update

Adani Wilmar share price declined 10% on Monday and slipped below Rs 300 mark. On Tuesday, the stock opened a gap down but at the end, prices recovered and closed at Rs 292. The big support for Adani Wilmar is at 277, however the immediate support will be at Rs 280.

Adani Energy Share Price Update

Adani Energy share price declined 20% on Monday and slipped below Rs 700 mark. On Tuesday, the stock opened a gap down and gave another 6% cut by closing. The big support for Adani energy share is at 815, however the immediate support will be at Rs 950.

Adani Total Gas Share Price Update

Adani Total Gas share price declined 10% on Monday and slipped below Rs 600 mark. On Tuesday, the stock opened a gap down but at the end, prices recovered and closed at Rs 609. The big support for Adani Total Gas share price is at Rs 500, however the immediate support will be at Rs 624.

Conclusion

Adani Group Stocks witnessed massive sell off after the US DOJ bribery and fraud allegations on the conglomerate. Until the clarifications come about this matter, all the stocks may remain volatile. Investors should remain cautious if they have invested in Adani Group Stocks.

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