Shares of Adani Power has dipped 6% to Rs 27.75, extending it’s a month long fall on the bourses, after reporting weak earnings for the quarter ended March 31, 2015 (Q4).
The stock tanked nearly 10% to Rs 26.50, also its record low on the BSE in early morning trade. Since May 11, the stock plunged 36% from Rs 43.40 as compared to 1.5% decline in the S&P BSE Sensex. The market value of Adani Group firm has been more than halved from its recent high of Rs 57.10 touched on March 3. The company had reported 71% fall in consolidated net profit at Rs 715 crore, for the fourth quarter (Q4) of 2014-15, against profit of Rs 2,528 crore in the final quarter of 2013-14. Meanwhile, about 2,045 million equity shares of Rs 10 each issued pursuant to the scheme of arrangement between Adani Enterprises and Adani Power were listed and permitted for trading on the exchange with effect from Tuesday, June 16, 2015. About 1,981 million equity shares which were held by Adani Enterprises in Adani Power have been cancelled due to cross holding, BSE said in a notice dated June 15, 2015. At 1317 hours, the stock of Adani Power was down 5.1% at Rs 27.90 on the BSE.