Adani Enterprises shares fall below Rs 1,200 mark

New Delhi: The bloodbath in the stocks of Adani Group continued on the seventh day in a row. 

Adani Enterprises shares fell below the Rs 1,200 mark on Friday, just three days after its FPO was fully subscribed at more than Rs 3,000. It was withdrawn on Wednesday.

On Thursday, three Adani group companies, including Adani Enterprises, were put under short-term additional surveillance measure (ASM) framework of the BSE and NSE.

Apart from Adani Enterprises, the other two firms listed by the exchanges are -- Adani Ports and Special Economic Zone and Ambuja Cements.

On Wednesday, Citigroup's wealth management division stopped accepting Adani Group securities as collateral for margin loans. 

Credit Suisse Group has also made a similar move. 

A Reuters report also revealed a probe launched by India’s stock market regulator Sebi ​​against Adani Group companies.

Shares of Adani Enterprises tumbled over 26 per cent on Thursday, a day after the firm said it has decided not to go ahead with its Rs 20,000-crore Follow-on Public Offer (FPO) and will return the proceeds to investors. The counter had plunged more than 28 per cent on Wednesday.

Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.