Adani Green Energy shares continue to fall

Adani Green Energy's shares fell further on Monday as the stock plunged another 19 per cent to hit a new 52 week low. During the early trading hours, there were some early trading hours. The stock was tested 1,202. The 55 level is a little shy of its circuit limit at 1,187. It was 60 before making a recovery to Rs 1,309. Adani Green Energy, Adani Group's renewable energy arm, used to be the most valued company of Gautam Adani's conglomerate. Its marketcap was more than those of the flagship companies of the group, including Adani Enterprises and Adani Ports and Special Economic Zone.

Adani Green Energy's shares fell 36 per cent in the last three sessions, while the counter is trading about 61 per cent below 52 week high of Rs 3,048, hit in April 2022. Adani Green has lost 45 per cent of value in the last six months, while the stock has fallen 32 per cent in 2023 so far.

Adani Green Energy commanded a marketcap of 4.82 lakh crore at its peak, which was higher than a number of bluechips including Axis Bank, Bajaj Finance, Kotak Mahindra Bank, HCL Technologies, State Bank of India, Maruti Suzuki, Bharti Airtel and ITC. The company has lost its charm.

Adani Green Energy was listed in June 2018 after the company was demerged from Adani Enterprises. The stock has rallied about 45 times since then and has been around Rs 1,350 from the Rs 30 mark in less than five years. It's turned an investment of 10,000 into 4.5 lakh today.

Adani Green Energy is an Indian renewable energy company that operates the Kamuthi Solar Power Project, one of the largest solar photovoltaic plants in the world. The company manages 5,290 MW of wind energy and solar power plants, including 46 operational projects in 11 states of India.

The company board of Adani Green Energy will meet on February 7, 2023 to review and approve the results for the period ended December 31, 2022. Adani Green acquired 50 per cent of the Essel Saurya Urja Company of Rajasthan ESUCRL for Rs 15 crore earlier this month, while remaining 50 per cent will remain with the state government.