Shares of Adani Total Gas continued their downtrend as they fell 5 per cent to lower circuit in morning trade on BSE on May 17. Against previous close of 713.80 Lower circuit with 738.60 and 5 percent fall 701.70.
The stock has been under pressure so far this year, especially after the Adani-Hindenburg saga. The data showed that after deep losses of 43 per cent and 68 per cent in January and February, respectively, the stock rallied 27 per cent in March and 9 per cent in April. But the month of May has been bad for the stock so far. The stock is down 25 per cent so far in May and 80 per cent so far in calendar year 2023.
Adani Total Gas set to be kicked out MSCI India Index, The global index took the decision as part of its quarterly comprehensive index review. The order will be effective at the close of business on May 31. Due to its exclusion from the MSCI India index, Adani Total Gas could see an outflow of around $186 million, according to Abhilash Pagaria, head of Nuwama Alternative and Quantitative Research.
Morgan Stanley Capital International (MSCI) made the decision as part of its quarterly comprehensive index review. MSCI has changed the calculation of its index on the number of shares considered to be freely tradable on the public market for the two companies. The order will be effective at the close of business on May 31.
According to stock market experts, Adani shares are trading lower after the MSCI index changes and the recent fundraising program is unable to reduce the negative sentiments that have emerged after this MSCI announcement.
Read more: Why Adani shares are falling despite this 8500 crore fund raising plan – explained
Meanwhile, Adani Total Gas reported 21 per cent growth in net as on May 2 Benefit at (due to owners) 97.91 crore for the quarter ending March 2023. This is against a consolidated net profit 81.09 crore in the corresponding quarter of the previous financial year.
Its consolidated revenue from operations increased by 10.2 percent 1,114.8 crore during the quarter under review as compared to Rs. 1,012 crore a year ago. On the operational front, EBITDA (earnings before interest, taxes, depreciation and amortization) grew 49 per cent year-on-year. 195.2 crore in the March 2022 quarter and margin improved from 13 per cent to 17.5 per cent.
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