After rallying non-stop for six trading sessions, shares of embattled billionaire Gautam Adani 's flagship Adani Enterprises have lost up to 11% in the last two days.
The Nifty stock lost up to 6.7% during the day before recovering some of the losses on buying at lower levels.
The counter, which had ended 4.2% lower yesterday, is still trading 54% off its 52-week high at Rs 4,189.55.The bull's grip on Adani Enterprises stock loosened after CARE Ratings downgraded the outlook on Gautam Adani's flagship entity from stable to negative while keeping in mind the ongoing regulatory and legal scrutiny.
In the meantime, shares of Adani Total Gas Adani Transmission , and Adani Green Energy were locked in 5% upper circuit limits.
Last week, the conglomerate's promoters sold stakes worth Rs 15,446 crore in 4 companies to GQG Partners.
The proceeds from the stake sale are expected to be ut

Source - Economic Times