Adani stocks get hammered

Adani group stocks continue to remain in the red. Adani Transmission is amongst the top five losers on the BSE currently; going down almost 7.5% to Rs.180.50; Adani Ports is down over 2%; Adani Enterprises went down over 3.5% and Adani Power is down 4.5%.

It is the tweet from BJP MP Subramanian Swamy which has caused the Adani stocks to fall. Yesterday, Swamy tweeted, “"The biggest NPA trapeze artiste in PSUs is Gautam Adani. It is time he is made accountable or a PIL is inevitable.”

Swamy called Gautam Adani the "biggest NPA trapeze artiste in PSUs".

Though Adani issued a clarification, refuting all charges and going to lengths to explain how his group has always serviced the debts and how his companies have less than 50% loans from PSU banks; the markets seem too wary. With the PNB scam already getting bigger by the day, they want to steer clear of any company which is even remotely mentioned in the same breath as loans and NPAs.