Adani Group stocks tumble as market rout deepens; Adani Green, Adani Ent, others tank up to 10%

Shares of Adani Group companies came under pressure on Thursday, October 8, falling as much as 10% on the NSE amid a broader sell-off in Indian equities. The benchmark indices Sensex and Nifty 50 both declined over 1.5% during intraday trading.

Among individual stocks, Adani Green Energy fell as much as 10% to an intraday low of Rs 1,208 per share.

Adani Enterprises declined as much as 7% to an intraday low of Rs 2,548.50. The stock was trading at Rs 2,576 at around 1:30 pm, down 6.09% from its previous close.

Other Adani Group stocks also traded lower. Adani Power declined 5.43%, while Adani Ports and Special Economic Zone fell 4.05% to Rs 1,679.30. Adani Total Gas was down 2.78%.

At the same time, The Nifty 50 sank to a fresh 52-week low, while the Sensex crashed over 1,200 points.

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The sell-off in Adani Group stocks comes a day after Adani Enterprises informed the exchanges that CARE Ratings had upgraded its long-term rating to CARE AA; Stable from CARE AA-; Stable, marking the highest-ever rating in the company's credit history. CARE Ratings also reaffirmed the company's short-term rating at CARE A1+.

Adani Enterprises said the upgrade "serves as an independent validation of AEL’s disciplined capital management and tight fiscal prudence".

"AEL has constantly strengthened its credit profile over the last 7 years whilst executing an ever-increasing core infrastructure-led capex. AEL’s stronger credit further enhances resilience of its unique incubation platform and assures long-term value for its stakeholders," the company said in its exchange filing.

CARE Ratings said it upgraded the long-term ratings assigned to various bank facilities and instruments of Adani Enterprises to CARE AA; Stable from CARE AA-; Stable, while reaffirming the short-term rating at CARE A1+.

To arrive at Adani Enterprises' ratings, CareEdge Ratings adopted a consolidated approach, which it said was primarily attributed to a significant degree of operational, financial and managerial linkages between Adani Enterprises and its subsidiaries.

The rating agency said the upgrade reflected the strengthened financial risk profile of Adani Enterprises following an equity raise of Rs 15,000 crore through a qualified institutional placement (QIP) in July 2026, as well as the execution of a subscription agreement for the sale of a 5.54% stake in its wholly owned subsidiary Adani Airports Holdings Limited (AAHL) at a pre-money valuation of Rs 1.67 lakh crore.

"Thus significantly enhancing financial flexibility for AEL," CARE Ratings said.

AAHL expects to receive Rs 9,825 crore by July 2027 from the stake sale, the rating agency added.

According to CareEdge Ratings, the strengthened financial flexibility of the Adani Group, along with the promoter family's substantial ownership across key group entities, enhances the strategic importance of Adani Enterprises and the promoters' economic incentive to support its diverse ventures in case of exigencies.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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