off-the-wire

BUZZ-India's Adani Total Gas sees worst day in more than 10 mths after block deals

Kitco Media
By Reuters
Published:
Updated:
Reuters

** Shares of Adani Total Gas fall 10% at 1,897.40 rupees to hit lowest level since March 24, 2022, after U.S. short seller Hindenburg attacked the conglomerate's financials last week


** About 624,624 shares change hands in 8 blocks as of 09:58 a.m. IST, at between 1,897 rupees and 1,988 rupees apiece
** Co falling for seventh consecutive session


** Most Adani Group companies tumbled after Hindenburg flagged concerns over the conglomerate's high debt and improper use of offshore tax havens


** Co shares trading below 50-day, 100-day and 200-day simple moving averages, indicating bearish momentum


** Relative strength index of ADAG slipped below 30, indicating overselling


** Trading volume is more than 1.46 mln shares as of 10:02 a.m. IST, nearly 3x of their 30-day moving avg 505,349 shares


** Stock fell 22.6% since the Hindenburg report was published
(Reporting by Hritam Mukherjee in Bengaluru)

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