Adani Green Energy Ltd’s shares fell as much as 12.5% in Monday’s session following rumours of a block deal of the company’s shares being conducted on the counter.According to estimates, a 2.7% equity investment or 4.7 crore shares in Adani Green Energy changed hands in a block trade. The deal was valued at Rs 4,352 crore. The buyers and sellers in the transaction are unknown.According to shareholding data available on exchanges, the promoter and promoter group own 56.27% of the company as of June 30, 2023, with the remainder owned by the general public.At 12:40 p.m., the stock was trading at Rs 965.25, down 4.67% from the previous day’s close on the National Stock Exchange (NSE). The stock fell to an intraday low of Rs 855.10, a drop of over 12.5% from Friday’s closing price of Rs 1,012.55 per share. Adani Green Energy shares are down 62.5% from their 52-week high of Rs 2,574.05 on August 23, 2022, but they are up 120% from their 52-week low of Rs 439.35 on February 28, 2023. Year to date, the stock has dropped 48.89%. The recent announcements made by the firms have a good and negative impact on the market’s attention on the shares of the Adani Group. Following recent corporate earnings updates by Adani firms, the acquisitions of a 70.19% stake in Stark Enterprises Pvt., a majority stake in rival Sanghi Industries, and other corporate updates, shares of the majority of Adani group equities have stayed in the spotlight recently. Adani Enterprises’ affiliate, Adani Digital Labs, purchased a 100% share in Stark Enterprises, Trainman’s parent firm. In addition, the company sold its entire investment in Natural Growers Private Ltd to Samarpratap Agrotech Private Ltd (SAPL) for a total of Rs 8.25 crore. Adani Ports shares are in the spotlight as the business prepares to release its June quarter earnings this week.
Adani Group: Adani Green Shares Fall 12% Following Block Deal Reports.
