Adani Green Energy, Adani Enterprises, Adani Energy Solutions: Adani Shares Trading In Red Today

The share price of Adani group firms - Adani Green Energy, Adani Enterprises, Adani Energy traded almost 2% lower in the intraday trading on Friday. Today's selloff in Adani group stocks was seen after Abu Dhabi's conglomerate International Holding Company (IHC) announced its decision to sell its stake in two of India's Adani Group companies.

On Thursday, IHC said, "Under the over-portfolio rebalancing strategy of IHC, Green Energy Investment Holding RSC Ltd and Green Transmission Investment Holding RSC Ltd, subsidiaries of IHC Capital Holding LLC, have entered into a definitive agreement with a buyer to dispose of its FDI investment in Adani Green Energy Limited and Adani Transmission Limited, respectively."

Adani Green Energy share price update:

The share price of Adani Green Energy was down 1.74% at Rs 994.10 per share at 10:38 am IST today. The stock has a 52 52-week high and 52-week low of Rs 2,405.40 and Rs 439.35 per share.

Adani Enterprises share price update:

At 10:45 am IST today, the share price of Adani Enterprises was down 1.74% at Rs 2429.00 per share. The stock has a 52 52-week high and 52-week low of 4,189.55 and Rs 1,017.10 per share.

Adani Energy Solutions Share Price Update:

The share price of Adani Energy Solutions slumped 1.95% at Rs 814.00 per share at 10:38 am IST today. The stock has a 52 52-week high and 52-week low of 3,755.25 and Rs 630 per share.

Adani group promoters offloaded a whooping Rs 37,000 crore worth of shares in 2023

Adani group stocks also caught investors' attention after the brokerage firm Kotak said that Adani group promoters offloaded whooping Rs 37,000 crore worth of shares in 2023.

Promoters selling company shares, primarily due to strategic compulsions, reached the highest level in almost six years to hit the $10 billion mark in Calendar 2023. A study by Kotak Institutional Equities based on bulk and block deal data suggested that the promoter selling this year so far is twice that of Calendar year 2022's. According to the brokerage, Adani group firms including Adani Green Energy Ltd, Adani Enterprises Ltd, Adani Power Ltd, Adani Ports & SEZ Ltd and Adani Energy Solutions accounted for 40% of the total promoter selling in the NSE500 index.

Kotak said that NSE500 promoters sold about Rs 87,000 crore worth of shares in 2023, which included a whopping Rs 37,000 crore worth share sale by promoters of Adani Group companies.