Adani Enterprises shares fell 6% ahead of the Adani group company’s December quarter results. Adani Group flagship store reported more than doubled profit in the September quarter.

Consolidated profit in the September quarter rose 117% year-on-year to Rs 461 crore from Rs 202 crore a year earlier. Consolidated total revenue in the second quarter increased 183% year-on-year to Rs 38,441 crore compared to Rs 13,597 crore a year earlier.

The stock was quoted at Rs 1,690.40 per share on the NSE at 9:30 am, down 1.59%.

There have been some developments since Adani Enterprises reported its second-quarter results. First, the Hindenburg Report came, and then India withdrew its largest-ever public offering.

Adani Enterprises stock has been under the short-term ASM framework for some time, even though two other group stocks Adani Ports & Special Economic Zone and Ambuja Cements, have been removed from the same framework. In addition to the global index aggregator, MSCI also reduced the free float of Adani Enterprises.

Separately, three Adani Group companies, namely Adani Ports, Adani Transmission and Adani Green Energy, recently pledged shares for lenders of Adani Enterprises, SBICAP Trustee Co said in a bourse filing on Friday. Given recent adverse developments, all eyes will be on Adani Enterprises’ December quarter results.

The stock fell 6.18% to hit a low of Rs 1,611.30. However, it was up 58.42% from its 52-week low of 1,017.10 on February 3.

Adani Enterprises has become an incubator by investing, maturing and eventually spinning off various diversified businesses. Since its establishment, six ten-corner enterprises have been incubated and successfully listed, including Adani Port and Special Economic Zone, Adani Power, Adani Transmission, Adani Green Energy, Adani Total Gas and Adani Wilmar International.