Power stocks dip up to 19% on June 4; Adani Green, Adani Energy top losers

Lok Sabha Polls impact: Power stocks saw a major downturn on Tuesday, June 04, due to profit-booking in response to initial indications of a mixed outcome in the 2024 Lok Sabha elections.

The BSE Power index plummeted as much as 8.71 per cent, hitting an intraday low of 7,562.72 levels. 

At 10:16 AM, all constituents of the BSE Power Index were trading in negative territory. 

Adani Green, Adani Energy, and Adani Power saw whopping declines of 18.29 per cent, 14.18 per cent, and 13.6 per cent, respectively. Suzlon, meanwhile, dropped 4.98 per cent. 

Other major players such as BHEL, NTPC, Power Grid, NHPC, ABB, CG Power, Tata Power, Siemens, and JSW Energy also saw notable declines ranging from 4.50 per cent to 9.90 per cent.

The index had surged as much as 8.15 per cent on Monday, June 03, after exit polls indicated a decisive victory for the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA).

Meanwhile, India's power consumption grew in May. It surged 15 per cent to 156.31 BU in May 2024, primarily driven by soaring temperatures and increased usage of cooling appliances. 

Peak power demand reached a record high of 250.07 GW, surpassing the previous peak of 243.27 GW.

At 10:29 AM, BSE Power index was trading 5.39 per cent lower at 7,838.49. By comparison, BSE Sensex was trading 2.26 per cent lower at 74,739.42 levels.