Top Losers of the Day – Adani Enterprises, Adani Ports, SBI Life, SBI, NTPC Lead Decline on November 21, 2024

The stock market closed lower on November 21, 2024, with benchmark indices ending in the red. The BSE Sensex dropped 421.80 points (0.54%) to settle at 77,156.80, trading within a range of 76,802.73 to 77,711.11 during the session. Similarly, the NSE Nifty50 fell by 168.80 points (0.72%) to close at 23,349.90, moving between 23,263.15 and 23,507.30 levels throughout the day.

Adani Group stocks suffered the biggest losses, plunging over 23% after news broke that US prosecutors charged Gautam Adani and other executives for allegedly paying $250 million in bribes to Indian officials.

Out of the 50 stocks in the Nifty50 index, here are the NSE top losers for the day: 

• Adani Enterprises

Adani Enterprises share price closed at ₹2,160.00, reflecting a decline of 23.44%. 3 Adani Group stocks crashed by 20% this morning, causing the total market capitalisation of all 11 Adani companies to drop by approximately ₹2.25 lakh crore, bringing it down to ₹12 lakh crore. This marks the group’s worst trading day since the Hindenburg report in early 2023. Shares of the group’s flagship company, Adani Enterprises, plunged 20% to ₹2,256.20.

• Adani Ports

Adani Ports share price closed at ₹1,119.05, reflecting a decline of 13.23%. All Adani Group companies ended Thursday’s trading session with losses of up to 25%. This decline came after the US District Court and the Securities & Exchange Commission filed bribery charges against Gautam Adani and other group executives. 

• Sbi Life Insurance Company

Sbi Life Insurance Company share price closed at ₹1,475.00, reflecting a decline of 3.15%. Insurance stocks dropped after Finance Minister Nirmala Sitharaman urged banks to focus on core banking activities instead of selling insurance. Speaking at the SBI Conclave in Mumbai on November 18, she raised concerns about potential mis-selling of insurance by banks. SBI Life Insurance is expected to be the most affected, while ICICI Prudential Life and Life Insurance Corporation of India (LIC) might face less impact.

In the first half of FY25, SBI Life derived 60% of its business from bancassurance, mainly through State Bank of India. The company’s shares on the BSE fell nearly 3%, closing at ₹1,517.

• State Bank of India

State Bank of India share price closed at ₹780.9, reflecting a decline of 2.75%. 

• NTPC

NTPC share price closed at ₹357.5, reflecting a decline of 2.51%. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.