Adani Green tanks 12% after nearly 3% equity change hands via block deal

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 block deal.

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.

At 11:25 AM; the stock had recouped partial losses and was trading 5 per cent lower at Rs 965 on the BSE. A combined 54.9 million shares had changed hands on the NSE and BSE.

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.

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, underconstruction 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.