Adani Enterprises shares were trading lower despite a favourable ruling in the Dharavi redevelopment project matter by the Bombay High Court.
Adani Enterprises fell more than 1% to an intra-day low of Rs 2,388.
The Bombay High Court dismissed the petition against Adani Group redeveloping the Dharavi slum. The HC upheld the tender awarded to Adani Properties by the Maharashtra government.
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A division bench of Chief Justice D K Upadhyaya and Justice Amit Borkar dismissed the plea filed by UAE-based Seclink Technologies Corporation. The petition lacks “force and effort” and hence stands dismissed, said the bench.
The Adani Group bagged the redevelopment project by emerging as the lowest bidder, offering Rs 5,069 crore in 2022 through the tender process.
Earlier, Seclink Technologies emerged as the highest bidder with its Rs 7,200-crore offer in the first tender issued in 2018. However, the government cancelled the tender and issued a fresh tender in 2022 with additional conditions.
The petitioner first challenged the cancellation of the 2018 tender and subsequently the 2022 tender award to Adani.
“The grounds raised in the petition lack force and effort. The challenge to the government’s action of cancelling the earlier tender and issuing a fresh tender award fails,” the high court said.
The state government informed the High Court that the awarding of the tender was conducted transparently and that no unnecessary favouritism was given to the Adani Group.
Adani Enterprises Vs Nifty 50
The stock of Adani Enterprises has fallen 5.5% in the last five trading sessions. However, the stock has given a return of over 9% in the last month. It has dropped its value by almost 27% in the last six months. The flagship Adani company’s share has wiped out more than 18% of investors’ wealth from year to date.
To compare, the benchmark index, the Nifty 50 has fallen 4% in the past five trading sessions.
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