Adani Enterprises shares fell 4% in early trading on Monday amid news that the company has halted construction on a Rs 34,900 crore petrochemical project in Mundra, Gujarat. On the NSE, the stock reached a day low of Rs 1,791. At 10:45 a.m., Adani Enterprises’ stock was down 3.8% to Rs 1,804.
According to media sources, Adani Enterprises has reportedly halted its attempts to raise Rs 14,000 crore for the project. Adani Enterprises’ stock has been falling since the Hindenburg disaster.
Adani Enterprises formed a fully owned company, Mundra Petrochem, in 2021 to build a greenfield coal-to-PVC facility on Adani Ports and Special Economic Zone (APSEZ) property in Gujarat.
According to statistics accessible on exchanges, the company’s market value was Rs 2.06 lakh crore on Monday morning.