Key Events This Week
19 Jan: Stock opens at Rs.2,137.25, down 0.90%
20 Jan: Intraday low hit amid price pressure, closing at Rs.2,056.05 (-3.80%)
22 Jan: Brief recovery to Rs.2,087.50 (+2.68%)
23 Jan: New 52-week low of Rs.1,895.5 and heavy put option activity; closes at Rs.1,862.80 (-10.76%)
Monday, 19 January 2026: Weak Start Amid Broader Market Decline
Adani Enterprises began the week on a subdued note, closing at Rs.2,137.25, down 0.90% from the previous Friday’s close of Rs.2,156.70. The decline coincided with a 0.49% drop in the Sensex to 36,650.97, reflecting cautious investor sentiment. Trading volume was moderate at 42,940 shares, indicating a tentative start to the week amid broader market uncertainty.
Tuesday, 20 January 2026: Intraday Lows and Accelerated Price Pressure
The stock faced intensified selling pressure on 20 January, hitting an intraday low of Rs.2,048, a 4.18% drop from Monday’s close. It ended the day at Rs.2,056.05, down 3.80%, underperforming the Sensex’s 1.82% decline to 35,984.65. Volume surged to 114,467 shares, signalling increased investor activity amid the price fall. Technical indicators showed the stock trading below all major moving averages, reinforcing the bearish momentum. The stock’s proximity to its 52-week low of Rs.1,964.07 heightened concerns about further downside risk.
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Wednesday, 21 January 2026: Continued Downtrend Despite Lower Volume
On 21 January, Adani Enterprises’ stock price declined further by 1.12% to Rs.2,033.00, with volume easing to 81,778 shares. The Sensex also fell by 0.47% to 35,815.26. The stock remained below all key moving averages, signalling persistent bearish sentiment. The cumulative losses over the three trading days amounted to approximately 5.18%, significantly outpacing the Sensex’s 1.91% decline during the same period.
Thursday, 22 January 2026: Temporary Rebound Amid Market Recovery
Adani Enterprises saw a brief recovery on 22 January, rising 2.68% to close at Rs.2,087.50 on volume of 61,314 shares. This rebound outperformed the Sensex’s 0.76% gain to 36,088.66, providing a short-lived respite from the prior days’ declines. However, the stock remained below its 5-day and longer-term moving averages, indicating that the rally lacked strong technical support.
Friday, 23 January 2026: Sharp Decline to 52-Week Low and Heavy Put Option Activity
The week ended on a notably weak note as Adani Enterprises plunged 10.76% to Rs.1,862.80, marking a fresh 52-week low intraday at Rs.1,895.5. The stock’s volume exploded to 536,013 shares, with a traded value exceeding Rs.84,301 crores, making it one of the most actively traded stocks by value on the day. Despite this liquidity, the stock underperformed its sector by over 6% and the Sensex by more than 7%. The intraday low of Rs.2,022.8 earlier in the session reflected sustained selling pressure, with the stock closing just 3.01% above its 52-week low of Rs.1,964.07.
Put option activity surged dramatically ahead of the 27 January expiry, with the ₹1,900 and ₹2,000 strike prices seeing record volumes of 13,591 and 13,833 contracts respectively, and combined turnover exceeding Rs.2686 lakhs. This heightened derivatives market activity underscores the bearish sentiment and hedging demand among investors anticipating further downside risk.
Financially, the company faces challenges with a low Return on Capital Employed (6.84%) and Return on Equity (7.08%), alongside a high Debt to EBITDA ratio of 6.51 times. The stock’s Mojo Score remains at a weak 20.0, categorised as a Strong Sell, reflecting deteriorating fundamentals and technicals. Despite strong long-term sales growth of 19.13% annually, recent quarters have seen negative earnings and declining profitability, contributing to the negative market outlook.
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Daily Price Comparison: Adani Enterprises Ltd vs Sensex (19-23 Jan 2026)
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-01-19 | Rs.2,137.25 | -0.90% | 36,650.97 | -0.49% |
| 2026-01-20 | Rs.2,056.05 | -3.80% | 35,984.65 | -1.82% |
| 2026-01-21 | Rs.2,033.00 | -1.12% | 35,815.26 | -0.47% |
| 2026-01-22 | Rs.2,087.50 | +2.68% | 36,088.66 | +0.76% |
| 2026-01-23 | Rs.1,862.80 | -10.76% | 35,609.90 | -1.33% |
Key Takeaways
1. Significant Underperformance: Adani Enterprises declined 13.63% over the week, far exceeding the Sensex’s 3.31% fall, highlighting company-specific pressures beyond broader market weakness.
2. Technical Weakness: The stock traded below all major moving averages throughout the week, culminating in a fresh 52-week low on 23 January, signalling sustained bearish momentum.
3. Elevated Trading and Volatility: The surge in volume and traded value on 23 January, alongside a 6.88% intraday volatility, reflects heightened uncertainty and active repositioning by investors and institutions.
4. Bearish Derivatives Activity: Record put option volumes at key strike prices ahead of expiry indicate strong downside hedging and speculative bearish bets, reinforcing negative near-term sentiment.
5. Financial and Fundamental Concerns: Despite robust long-term sales growth, recent quarters have shown negative earnings and weak profitability metrics, with a high debt burden adding to investor caution.
Conclusion
Adani Enterprises Ltd’s performance during the week of 19-23 January 2026 was marked by pronounced weakness amid a challenging market environment. The stock’s sharp decline to a new 52-week low, combined with heavy trading volumes and a surge in bearish put option activity, underscores the prevailing negative sentiment. Technical indicators remain unfavourable, with the stock trading below all key moving averages and a Mojo Score firmly in the Strong Sell category. While the company maintains a dominant market capitalisation and strong sales growth, its deteriorating profitability and elevated leverage continue to weigh on investor confidence. The week’s price action and market signals suggest that caution remains warranted for this large-cap diversified sector stock in the near term.
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