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Adani Green Energy locks in at lower circuit; stock tumbles 13 per cent in 5 days

Geyatee Deshpande
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Adani Green Energy locks in at lower circuit; stock tumbles 13 per cent in 5 days

On Wednesday, the shares of Adani Green energy locked in at its lower circuit of 5 per cent at Rs 588.35 per share. The stock, which had touched its all-time high of Rs 699 per share on September 16, 2020, is currently trading down by 15.82 per cent from its 52-week high.

Adani Green Energy belongs to Adani Group. The company’s stock is down for the fifth straight trading session. Snapping its strong gaining momentum, this is the longest losing streak in over two months. During today’s trading session, the scrip is one of the worst performers on BSE 200 index and BSE Mid-Cap index.

Last week, the company became the first Adani Group company to cross Rs 1 trillion in Mcap.

Adani Green Energy had reported a consolidated net profit of Rs 19.77 crore in Q1FY21 as against a net loss of Rs 98.01 crore in Q1FY20. The net sales rose by 10.2 per cent to Rs 724.67 crore in Q1FY21 from Rs 657.70 crore in Q1FY20.

The multi-bagger stock gained by 254.3 per cent on a YTD basis and jumped 24.8 per cent since the beginning of September 2020. A strong upward climb by more than 60 per cent was seen in the company’s stock since the last few weeks of August 2020.

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