Adani group stocks down; Modi seen winning in Gujarat
Reuters Market Eye - Adani Group stocks fall on profit-taking after gaining recently on expectations Narendra Modi would win a fourth successive term as the chief minister of Gujarat.
Adani Group is based in Gujarat and is seen benefiting given perceptions of Modi as a leader who is business-friendly, dealers say.
Adani Enterprises Ltd (ADEL.NS) falls 5.9 percent ahead of its planned sale of 23 million shares on Friday.
Among other Adani group stocks, Adani Ports and Special Economic Zone Ltd (APSE.NS) is down 2.8 percent, after rising 11.6 percent in December as of Wednesday's close.
Adani Power Ltd (ADAN.NS) falls 3.9 percent after gaining 29.2 percent this month.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
The after-glow of Narendra Modi's election victory nearly four months ago is expected to have helped India's lumbering economy register its fastest growth in more than two years for the quarter ending in June. Full Article
In race for bigger margins, drug makers willing to lose the India "advantage". Full Article
Adani buys Australia coal mine royalty rights from Linc for $145 million Full Article