Adani Enterprises shares have fallen sharply in recent trade, extending their fall for the fourth continuous session. For the mega diversified conglomerate the stock slumped 11.95 per cent to hit a day low of Rs 1,381.05 over its previous close of Rs 1568.40. Further pain was caused to Adani Enterprises after Wikipedia claimed that stockpuppets – some of them being the online encyclopaedia’s employees – created puffery around Gautam Adani , his family and the group by adding non-neutral material and removing warnings from the information.
Share of Adani Enterprises fall sharply
The group’s market capitalisation (m-cap) has fallen below $100 billion as a selloff in the majority of the conglomerate’s listed counters has intensified. Wikipedia, in a report , referred to the ‘con’ alleged by Hidenburg and stated,
“Did he (Adani) and his employees also try to ‘con’ Wikipedia readers with non-neutral PR versions of related Wikipedia articles? Almost certainly they did. Over 40 later banned or blocked sockpuppets or undeclared paid editors created or revised nine related articles on the Adani family and family businesses.”
In terms of earnings, Adani Enterprises reported a net profit of Rs 820.06 crore in the December 2022 quarter (Q3 FY23), compared to a loss of Rs 11.63 crore the previous year.
The counter declined to 58.42 per cent in the last month and AR Ramachnadran from Tips2trades has stated.
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Adani Enterprises looks bearish on the daily charts
“Adani Enterprises looks bearish on the daily charts with strong resistance at Rs 1,722. A daily close below Rs 1,309 could lead to a lower target of Rs 1,134 in the near term,”
Last seen trading below the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The 14-day relative strength index (RSI) for the stock was 24.79. A value less than 30 is considered oversold, while a value greater than 70 is considered overbought. The stock of the company has a price-to-equity (P/E) ratio of 126.94. The company’s earnings per share (EPS) were 12.36, which was lower than the P/E ratio.
Adani Enterprises has a one-year beta of 1.58, indicating high volatility. In the meantime, Indian equity benchmarks have traded lower in late morning deals and were laid low by banks, financial technology and energy stocks.
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