Sensex and Nifty declines at opening as Adani Group plummets to a 52-week low

Indian indices opened lower on Thursday with Nifty below 17,500 amid controversy over Adani Group. At the opening, the Sensex is down 413.60 points or 0.69% at 59294.48, and the Nifty was down 145.50 points or 0.83% at 17470.80. About 918 shares have advanced, 1009 shares declined, and 105 shares are unchanged.

SBI Life Insurance, Infosys, ITC, Bajaj Auto, and HCL Technologies were among the major gainers on the Nifty, while losers were Adani Enterprises, Adani Ports, HDFC Life, SBI, and UPL.

Adani Group stocks locked at a lower circuit on February 2 as Adani Enterprises canceled its Follow-On Public Offering (FPO). The money will return to its investors amid ongoing controversy after American short seller, Hindenburg Research, accused the company of using tax havens and flagged debt concerns in a report, Adani Enterprises said.

Adani Transmission touched a 52-week low of Rs 1,557.25 and quoted at Rs 1,557.25, down Rs 173.00, or 10 percent. Adani Green Energy touched a 52-week low of Rs 1,038.05 and quoted at Rs 1,038.05, down Rs 115.30, or 10 percent.

Adani Ports and Special Economic Zone touched a 52-week low of Rs 442.95 and quoted at Rs 442.95, down Rs 49.20, or 10 percent. Adani Total Gas was quoted at Rs 1,711.50, down Rs 190.15, or 10 percent and Adani Enterprises was quoted at Rs 1,915.85, down Rs 212.85, or 10 percent. Adani Power was quoting at Rs 202.15, down Rs 10.60, or 4.98 percent and Adani Wilmar was quoting at Rs 421.45, down Rs 22.15, or 4.99 percent.