Adani Enterprises stock drops nearly 10% on bourses

Written by Press Trust of India | Mumbai | Updated: Jul 8 2014, 23:46pm hrs
StocksAt the NSE, it plunged 9.72 per cent to end at Rs 449.75.
Shares of Adani Enterprises tumbled nearly 10 per cent today as fair trade watchdog CCI imposed a penalty of more than Rs 25 crore on Adani Gas, a subsidiary of the company, for violating competition norms.

Shares of Adani Enterprises tanked 8.70 per cent to settle at Rs 454.30 on the BSE. During the day, it lost 10.57 per cent to touch a low of Rs 445.

At the NSE, it plunged 9.72 per cent to end at Rs 449.75.

The Competition Commission of India's (CCI) ruling has come on a case related to supply and distribution of natural gas by Adani Gas Ltd in Faridabad. Adani Gas is a subsidiary of Adani Enterprises, which is part of diversified Adani Group.

A fine of Rs 25.67 crore has been imposed on Adani Gas for abusing dominant position, the regulator had said in a statement yesterday.

The penalty amount translates to 4 per cent of average of Adani Gas's turnover for the last three financial years.

In the broader market, the Sensex fell by 517.97 points to settle at 25,582.11 points.