Stocks of Adani Enterprises witnessed huge selling pressure on Wednesday as the stock price was adjusted for demerger of its port, power and transmission businesses.
The stock ended the day at Rs 109.75, down 8.50 per cent on the BSE. During the day, it touched a low of Rs 107.
Meanwhile, before the price adjustment, the stock plummeted 82.79 per cent to Rs 109.75.
“Adani Enterprises corrected after its announcement of demerger of some divisions and merging it with its subsidiaries,” said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd.
Adani Enterprises is demerging its ports, power and transmission businesses in Adani Ports and Special Economic Zone, Adani Power and Adani Transmission, respectively, with effect from Wednesday.
Adani Enterprises has fixed June 4, 2015 as the record date for the purpose of scheme of arrangement and demerger.
The stock turned ex-date to reflect the spin-off.
In a major recast of operations, diversified Adani group had in January this year consolidated its ports, power and mining assets into three separately listed firms and would list a new company for transmission business.
Meanwhile, in the stock market the BSE benchmark Sensex tumbled 351.18 points to settle at 26,837.20.
