Why Adani Total Gas Share Price is Falling

Social media has been trending with #Adani.

Shares of most Adani group stocks have witnessed a steep selloff. Gautam Adani, the billionaire businessman, has slid to fourth place on the world's richest list.

This came in after Hindenburg Research released its report on the Adani group.

Nathan Anderson, the creator of Hindenburg Research, has gained notoriety in recent years for his stock-sinking analysis.

The short seller has now targeted the Adani Group, which he remarks as 'The Largest Con in Corporate History.'

Amid this steep fall in the group, shares of Adani Total gas have fallen 20% in the last two session.

Here is the full story and other factors that have caused the stock to take a hit in the last few months.

Hindenburg report rout

Hindenburg Research published a report on 24 January 2023 titled - Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History, alleging that the group is engaged in brazen stock manipulation.

The report identified numerous instances of undisclosed related-party transactions and earnings manipulation for healthy financials.

The firm also took a short position in Adani Group companies after a two-year investigation based on interviews with former executives, site visits in multiple countries and document reviews.

The allegations come ahead of an ambitious US$2.5 bn follow-on public offer (FPO).

Replying to the allegation, the Adani group called the report a malicious combination of selective misinformation and stale, baseless and discredited allegations.

The company has further questioned the timing of the report, having the cruel purpose to harm the upcoming Adani group FPO.

The company is also planning to issue a detailed report for all the questions of Hindenburg research.

How this remains to see how Adani vs Hindenburg battels pan out.

FII Selling

FIIs have been divesting their stake in Adani Total Gas since December 2021. FII stake stood at 21.7% in the December 2021 quarter.

It now stands at 17.4%.

This was due to rising interest rates in the developed markets, making emerging markets like India less attractive for FIIs.

Apart from this, individuals have also decreased their stake from 1.6% in September 2022 quarter to 1.5% in December 2022.

For more details, see the latest shareholding pattern of Adani Total Gas.

How shares of Adani Total Gas have performed recently

Adani Total Gas share price is down 20% today. Over five days, the shares are trading lower by 23.3%.

In a month, the shares have eroded 12% of their market value.

The company touched its 52-week high of Rs 4,000 on 23 January 2023 and its 52-week low of Rs 1,510 on 28 February 2022.

About Adani Total Gas

Adani Total Gas is an India-based company engaged in developing City Gas Distribution (CGD) networks to supply Piped Natural Gas (PNG) to industrial, commercial, and domestic (residential) customers and Compressed Natural Gas (CNG) to the transport sector.

It operates through the selling and distribution of the natural gas segment. It offers residential PNG, commercial PNG, and Industrial PNG.

The company is authorized in 33 geographical areas.

The Company has two wholly owned subsidiaries, Adani TotalEnergies E-Mobility and Adani TotalEnergies Biomass for its e-mobility and biomass business.

For more details about the company, you can have a look at see the Adani Total Gas company fact sheet and quarterly results. on our website.

You can also compare Adani Total Gas with its peers.

Adani total Gas vs Gujarat Gas

Adani total Gas vs Confidence Futuristics

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