Adani Enterprises shares in news today as corporate affairs ministry probing accounts of its two Mumbai airports – Business Today

Shares of Adani Enterprises Ltd are in focus today after the flagship arm of Gautam Adani-backed Adani Group said that Ministry of Corporate Affairs was investigating the accounts of its two airports in Mumbai. Adani Enterprises shares ended 2.06% lower at Rs 2454.65 on Friday against the previous close of Rs 2506.30 on BSE. Adani Enterprises stock opened lower at Rs 2490 on BSE. Adani Enterprises market cap fell at Rs 2.79 lakh crore. Total 1.32 lakh shares changed hands amounting to a turnover of Rs 32.30 crore on BSE.
Adani Enterprises stock has a one-year beta of 2.6, indicating very high volatility during the period.
In terms of technicals, the relative strength index (RSI) of Adani Enterprises stands at 47, signaling it’s trading neither in the overbought nor in the oversold zone. The stock is trading lower than the 10 day, 20 day, 50 day, 100 day but lower than the 150 day and 200 day moving averages.
The stock has fallen 36.09 per cent this year and lost 24.09% in a year.
Adani Enterprises said the ministry had sought information and documents on the airports – Mumbai International Airport Ltd and Navi Mumbai International Airport Ltd – for financial years starting from 2017-18 to 2021-22.
“We would like to inform that Mumbai International Airport Limited and Navi Mumbai International Airport Limited, stepdown subsidiaries of Adani Enterprises Limited have received communications dated October 06, 2023 (received on October 12, 2023) from the Office of the Regional Director, Southeast Region, Hyderabad, Ministry of Corporate Affairs, relating to initiation of investigation of books of accounts,” said Adani Enterprises in a stock exchange filing on Friday.
“MIAL and NMIAL shall be responding to the said communications, in accordance with applicable legal provisions,” the firm said.
Adani Enterprises logged a 44% year-on-year (YoY) rise in its consolidated net profit to Rs 674 crore for the quarter ended June 2023 against Rs 469 crore in the last year period. Revenue from operations in Q1, however, fell 38% to Rs 25,438 crore, compared with Rs 40,844 crore in the year-ago quarter. The revenue fall was attributed to the correction in coal prices.

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