Adani Green Share Price: Shares of Adani Green Energy (AGEL) tanked 12 per cent to Rs 886.25 on the BSE in Monday’s intra-day trade after over 40 million equity shares of the power generation company changed hands via a block deal.
Meanwhile, the stock was trading lower for the fifth straight day, falling 19 per cent in one week. In comparison, the S&P BSE Sensex was down 1.2 per cent during the period.
At today’s low price, the scrip traded 101.72 per cent higher from its 52-week low of Rs 439.35, hit on February 28, 2023. Although, it has lost 65.57 per cent from its one-year high price of Rs 2,574.05, a level seen on August 23 last year.
At 09:15 am; around 44.24 million shares representing 2.8 per cent of total equity of AGEL changed hands on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.
AGEL, a part of India-based Adani Group, has one of the largest global renewable portfolios with overall locked-in portfolio of 20.4 GW including operating, under construction and awarded projects catering to investment-grade counterparties.
The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms.
The company last week declared its first quarter results for the financial year 2023-24 (Q1 FY24). The Adani Group firm reported a 50.93 per cent year-on-year (YoY) jump in net profit at Rs 323 crore for the June quarter compared with Rs 214 crore in the corresponding quarter last year. Adani Green Energy said its revenue from operations jumped 55.04 per cent YoY to Rs 2,059 crore for the quarter against Rs 1,328 crore in the year-ago quarter.
Adani Green Energy said it continues to have the largest operating renewable energy portfolio in the country, with an operational capacity of 8,316 mw. The sale of energy, Adani Green Energy said, increased 70 per cent YoY to 6,023 million units in the June quarter, primarily backed by strong capacity addition.
The scrip has an average target price of Rs 402, Trendlyne data showed, suggesting a potential downside of just 57 per cent. It has a one-year beta of 1.16, indicating high volatility.
All Adani stocks have witnessed major fluctuations after the Hindenburg setback. In January 2023, US-based Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. Adani, however, denied all the claims.
Indian market regulator Sebi in May had “drawn a blank” in investigations into suspected violations in overseas investments in the Adani Group. In addition, a Supreme Court-appointed panel said its ongoing pursuit of the case could be a “journey without a destination”.
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