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Informist, Tuesday, Jun. 3, 2025

By Anjana Therese Antony

MUMBAI – The options chain of Adani group companies indicates near-term weakness in the stock prices after news reports about a fresh US probe against the conglomerate for allegedly importing liquefied petroleum gas from Iran into India, potentially violating US sanctions. Shares of all seven companies under the Adani group closed lower Tuesday even though the group Monday denied the allegations and called the reports 'baseless' and 'mischievous'. 

Shares of the flagship company Adani Enterprises and Adani Ports and Special Economic Zone ended around 2% lower each and were the worst-hit Nifty 50 constituents Tuesday. Premiums across out-of-the-money call options of five Adani group companies that are part of the derivatives segment declined, indicating near-term weakness. Traders also added short positions in the June futures series of these companies, with the open interest rising 1-4%. 

News reports Monday said the US Justice Department is investigating whether the Adani group companies violated US sanctions on Iran after Chairman Gautam Adani was charged in a bribery case last year. "A Wall Street Journal investigation into tankers that regularly travelled between Mundra and the Persian Gulf found their behaviour often exhibited traits seen by ships seeking to evade sanctions," the report said. 

Adani Enterprises closed 1.9% lower at INR 2,470.90 on the National Stock Exchange. Premiums on call options INR 2,500-INR 2,640, which are 1-7% higher than the current market price, fell 31-39%, and those on INR 2,400-INR 2,000 put contracts rose 61-63%. The highest open interest addition was at INR 2,500 call contracts and INR 2,200 put strike. Open interest in the June futures contract of Adani Enterprises rose 1.5% to 17 million, with the contract closing 2% lower. 

In Adani Ports' options chain, premiums on INR 1,440-INR 1,600 call contracts declined 34-42%, while those on INR 1,440-INR 1,200 increased 48-58%, hinting at likely downside. A similar trend was seen in the futures and options chain of Adani Green Energy, Adani Total Gas, and Adani Energy Solutions. 

The benchmark indices also declined Tuesday, down for the third consecutive session, amid persisting global uncertainty about US tariffs and the geopolitical tension between Ukraine and Russia. While the domestic market is likely to see periodic selling pressure in the near term, market experts are bullish about the medium-to-long-term growth prospects of the country. This includes some signs of inflows from foreign investors, hopes of further interest rate cuts by the Reserve Bank of India, expectations of earnings growth by the second half of the current financial year, above-normal monsoon, and the capital expenditure push from the government.

The Nifty 50 Tuesday closed 0.7% lower at 24542.50 points and the BSE Sensex ended 0.8% lower at 80737.51 points. The near-term support for the Nifty 50 is seen at 24500-24480 points and resistance is pegged at 24600-24700 points, according to estimates from two technical and derivatives analysts. 

--Nifty 50 Jun closed at 24654.00, down 172.30 points; 111.50-point premium to the spot index

--Nifty 50 Jul closed at 24781.10, down 184.50 points; 238.60-point premium to the spot index

--Nifty 50 Aug closed at 24902.60, down 175.00 points; 360.10-point premium to the spot index

HDFC Bank, Reliance Industries, ICICI Bank, State Bank of India, Eternal, BSE, YES Bank, Central Depository Services India, Kotak Mahindra Bank, Bajaj Finance, Bharti Airtel, Axis Bank, Bharat Electronics, Punjab National Bank, Federal Bank, Infosys, Larsen & Toubro, InterGlobe Aviation, Tata Consultancy Services, Mahindra & Mahindra, and Adani Ports and Special Economic Zone, and Adani Enterprises were the most active underlying stocks Tuesday.  End

Edited by Saji George Titus

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