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)
Trending On Reuters
RBI's Raghuram Rajan said that he wanted to hire talented external candidates and improve research quality at the central bank. The proposals would hardly seem out of place in any major institution on the planet. But at RBI, his ideas were seen by some as controversial. Full Article