Adani Enterprises, ACC, Ambuja Cements share prices tank over 7% after share pledge by Adani group | The Financial Express

Adani Enterprises, ACC, Ambuja Cements share prices tank over 7% after share pledge by Adani group

Adani Enterprises, ACC, and Ambuja Cements share prices tanked more than 7 per cent intraday on Wednesday, a day after the ports-to-power conglomerate announced to pledge shares of these two cement companies

Adani Enterprises, ACC, Ambuja Cements share prices tank over 7% after share pledge by Adani group
Gautam Adani's group on Tuesday pledged shares worth about $12.5 billion in ACC and Ambuja Cements. Image: Reuters

Adani Enterprises, ACC, and Ambuja Cements share prices tanked more than 7 per cent intraday on Wednesday, a day after the ports-to-power conglomerate announced to pledge shares of these two cement companies. Adani Enterprises share price tanked nearly 7 per cent to Rs 3572.65 apiece, ACC shares tumbled 7.2 per cent to Rs 533, and Ambuja Cements fell 7.4 per cent to Rs 2523.25 apiece. Gautam Adani’s group on Tuesday pledged shares worth about $12.5 billion in ACC and Ambuja Cements, days after it completed purchase of stakes in those businesses from Switzerland’s Holcim.

Also read: Gautam Adani beats Mukesh Ambani to become India’s richest, adds Rs 1600 crore to fortune every day in 1 year

The pledged shares of ACC and Ambuja were worth around Rs 98,946 crore based on Monday’s closing prices and accounted for a 57 per cent stake in ACC and a 63 per cent stake in Ambuja Cements, according to Reuters. Adani group’s Rs 31,000-crore open offer to acquire 26% additional stakes in Swiss firm Holcim’s two Indian listed entities ACC Ltd. and Ambuja Cements, which closed earlier this month received lackluster response from public shareholders. Adani Group has increased its stake in ACC by 2.16% and by 0.04% in Ambuja Cement through the mandatory open offers. The group’s holding in Ambuja Cement will increase to 63.24 per cent from 63.2 per cent. While its stake along with Ambuja Cement’s holding in ACC will rise to 56.69 per cent from 54.53 per cent.

Also read: Festive season likely to boost auto, hospitality, consumer durable industries; rural demand outlook mixed

From the open offer price of Rs 385 apiece, ACC share price has soared nearly 50 per cent to Rs 574.10 apiece. While Ambuja Cements shares price has surged 18.5 per cent from the offer price of Rs 2,300 per share.

Gautam Adani’s net worth stood at $150 billion, making him the second richest person in the world, according to the Bloomberg Billionaires index. Adani group chief has added $73.4 billion to his net worth so far this year. According to the latest IIFL Wealth Hurun India Rich List, Gautam Adani became India’s richest person, beating RIL chief Mukesh Ambani by Rs 3 lakh crore. Adani added Rs 1,600 crore per day over the last year, taking the total wealth to Rs Rs 10.94 lakh crore.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.