Adani group has roller coaster ride

Adani group stocks have been having a roller coaster ride today. In the morning session, it was among the top loser, all stocks – Adani Port, Adani Enterprises, Adani Power and also Adani Transmission were down in the red.

The reason for this deep red hue was news reports in international press – Adani has scraooed the proposed $2bn deal to outsource Carmichael coalmine operation. This decision to end Downer EDI agreement follows Palaszczuk government’s blocking of federal loan for the Queensland project. Adani now says it will run the mine itself. 

But after the Gujarat poll results started coming in, this news was soon relegated to the background and the Adani group stocks bounced back, swept by the BJP’s victory in Gujarat. Currently, all the stocks are up in the green.