‘Sell in May and go away turns true for Adani Group stocks as hero turned into a villain!

Adani Wilmar is down by 25.26 per cent on an MTD basis while the stock has tumbled more than 33 per cent from its all-time high. Meanwhile, Adani Green has plunged 13.74 per cent on an MTD basis.   

The month of April was a wicked one for the stock markets across the world and Indian markets were no exception as Nifty plunged 2 per cent. Though Nifty fell by 2 per cent in April, Adani Group stocks saw a phenomenal rally in April. All the stocks delivered positive returns led by Adani Power (51.46 per cent), Adani Wilmar (50.98 per cent), and Adani Green (50.56 per cent).   

Come May, we are seeing that markets are getting sold on every decent bounce and more so, factors such as subdued Q4 earnings, rising inflation, hawkish central bank, and resurgence of COVID cases in China have already pushed the market participants on the back foot. As a result, the markets tanked heavily in the first half of May. The sentiment is so bad that even Adani Group stocks have not been spared. These outperforming stocks have witnessed selling pressure.    

Month-till-date (MTD), all the stocks from Adani Group have been down in the dumps and interestingly, two of the top three gainers from the month of April have been among the Top Losers for the month of May. Adani Wilmar is down by 25.26 per cent on an MTD basis while the stock has tumbled more than 33 per cent from its all-time high. Meanwhile, Adani Green has plunged 13.74 per cent on an MTD basis.