Adani Power share price: Adani Power shares were in focus on Friday, January 24, 2025, as the scrip dropped as much as 2.16 per cent to hit an intraday low of Rs 510.20 per share.
The drop in share prices followed Sri Lanka’s decision to revoke a power purchase agreement with the Adani Group amid corruption allegations from the United States (US), as reported by Agence France-Presse on Friday, citing sources within the country’s energy ministry.
Sri Lanka’s new president, Anura Kumara Dissanayake, initiated investigations into Adani's local ventures after the company’s founder, Gautam Adani, faced bribery charges in the US last year, the report stated.
In May 2024, the previous government had agreed to purchase electricity at a rate of $0.0826 per kilowatt from an Adani wind power plant that had yet to be built in Sri Lanka’s northwest.
However, the current administration decided earlier this month to cancel the agreement, though it will continue to review the project.
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Adani Power, via an exchange filing on Thursday, January 23, 2025, said that the company will announce its unaudited financial results for the quarter and nine months ended December 31, 2024, on January 29.
About Adani Power
Adani Power is among the top players in India's energy sector. It is the largest private thermal power producer in the country and an integral part of the Adani Group.
The company specialises in generating electricity from thermal power plants and solar energy projects, while also engaging in coal trading.
Adani Power sells its power through long-term Power Purchase Agreements (PPAs) as well as on a merchant basis, and operates in several states including Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand.
The company has made notable achievements, including being the first company to establish a coal-based Supercritical thermal power project registered under the Kyoto Protocol.
Some of its key subsidiaries include Adani Power Maharashtra Limited, Adani Power Rajasthan Limited, Udupi Power Corporation Limited, and Adani Power Resources Limited.
Last checked, the market capitalisation of Adani Power stood at Rs 1,97,687.41 crore, according to BSE.
At 1:52 PM, Adani Power share was trading 1.72 per cent lower at Rs 512.55 apiece. In comparison, BSE Sensex was trading 0.17 per cent lower at 76.393.88 levels.