adani group shares, will the decline of ‘Adani’ share stop or go deeper? Stock at all-time low, now gets good news – relief for adani group receives good news amid adani total gas shares hit fresh 52-week low

Mumbai : Since January 24, there has been an upheaval in the shares of Adani group companies. American short seller Hindenburg Research published a negative report making serious allegations against the Adani Group and Gautam Adani’s empire was undermined. Hindenburg claimed that the Adani shares were overpriced and since then the stocks began to fall, which has not stopped. Of these, Adani Total Gas was the biggest hit.

On January 23, the Adani share was trading at Rs 3998.50, a 52-week high. But the Hindenburg Report a day later brought him down to a new low. Adani Total Gas’s stock has fallen more than 80 percent so far, but the stock is expected to stop falling now. There was good news for the company amid the fall in the shares. The first LNG cargo is expected to arrive at the company’s Dhamra terminal in April, Reuters reported. Commercial operations will start from there 30 to 45 days after the arrival of this shipment, which means work could begin in mid-June.

The five million tonnes per annum LNG terminal was scheduled to become operational in September 2021 but was delayed. Prime Minister Narendra Modi has planned to increase the share of natural gas in the country’s energy mix from 6% to 15% and the above terminal is considered important to achieve this goal. Dhamra terminal will boost gas consumption in eastern states. It is the second import terminal in the country on the east coast and there are five import terminals on the west coast.

Share of Adani Gas
Shares of Adani Total Gas have lost more than 80% in the last one month and are currently experiencing a continuous lower circuit. The stock hit a high of Rs 3998.50 on January 23, before falling again by 5% on Friday to close at Rs 753.60. Thus far the stock has fallen by Rs 3244.9. Meanwhile, all eyes will be on whether Adani shares will improve or worsen in the market after this.