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Shares of Adani Enterprises crash 81.74% intraday

Shares of Adani Enterprises crash 81.74% intraday

Shares of Adani Enterprises  (AEL) crashed 81.74 percent intraday Wednesday as the stock price has adjusted for demerger of its port, power and transmission businesses. The stock has touched a 52-week low of Rs 116.25 against previous day’s closing of Rs 638.05.

According to its filing on May 25, AEL demerged its complete port business (Belekeri Port and the investment in AEL in Adani Ports  ) into Adani Ports, power undertaking (the 40 MW solar power project in Kutch district and the investment in Adani Power  ) into Adani Power and transmission business (Mundra-Zerda transmission line and investment in Adani Transmission) into Adani Transmission.

Aftr this demerger, equity shareholders of Adani Enterprises will get 14,123 shares in Adani Ports (for every 10,000 shares held in AEL), 18,596 shares in Adani Power (for every 10,000 shares held in AEL) and 1 share in Adani Transmission (for every 1 share held in AEL).

The record for the same has been fixed as June 4. Also, AEL will merge Adani Mining Private Limited (AMPL) with itself, wherein no equity shares are to be issued as AMPL is a wholly owned subsidiary of AEL.   At 10:40 hours IST, the scrip Adani Enterprises was quoting at Rs 122.75, down Rs 515.30, or 80.76 percent on the BSE.