December 20, 2012 / 8:18 AM / 5 years ago

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.

A crane unloads coal from a ship in Gujarat August 30, 2010. REUTERS/Amit Dave/Files

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

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