Adani Total Gas’s share price is currently showing an oversold condition based on the 14-day relative strength index (RSI) of 23.76. The stock has a high price-to-equity (P/E) ratio of 145.66 and a price-to-book (P/B) value of 26.27.
Adani Total Gas Ltd’s shares have experienced a sharp decline, marking the fifth consecutive session of losses and approaching a one-year low level. The stock fell 5% in today’s trade, reaching its lower circuit at Rs 666.65 compared to the previous close of Rs 701.70. Year-to-date, the stock has plummeted by 81.22%. Despite exiting the additional surveillance measure (ASM) framework, the stock’s downward trend has persisted. The decline was further fueled by the resignation of Shah Dhandharia & Co, the statutory auditor, following their mention in Hindenburg Research’s report. The firm has been replaced by Walter Chandiok & Co.
Adani Group has experienced a significant decline in market value since January 24, following the release of a report by US-based short seller Hindenburg. The report alleged stock manipulation and accounting fraud by the conglomerate. Hindenburg also questioned the capacity and capabilities of the auditing firms, including Shah Dhandharia, involved with the Adani Group. Both Adani and Shah Dhandharia have denied the allegations. The Supreme Court is currently reviewing petitions requesting an investigation into Hindenburg’s report on the Adani Group. Additionally, the Securities and Exchange Board of India (SEBI) has requested an extension to submit its report to the court.
