Adani Green tumbles on profit selling

Adani Green Energy hit a lower circuit of 5% at Rs 544.65 amid profit taking after a recent surge.

The stock had gained 26.38% in the past three sessions to end at Rs 573.30 yesterday, from its recent closing low of Rs 453.60 on 31 August 2020.

The stock was in demand recently after the latest ranking of global solar companies by Mercom Capital ranked the Adani Group as the number one global solar power generation asset owner in terms of operating, under construction and awarded solar projects. Adani Green's solar portfolio is 12.32 GWac which exceeds the total installed capacity of the US in 2019 and will displace over 1.4 billion tons of carbon dioxide over the life of its assets. The company targets to achieve an installed generation capacity of 25 GWac of renewable power by 2025.

The company reported a consolidated net profit of Rs 64 crore in Q4 March 2020 as against net loss of Rs 87.95 crore in Q4 March 2019. Net sales rose 2.1% YoY to Rs 692.67 crore in Q4 FY20 over Q4 FY19.

Adani Green Energy develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

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