Adani Green Energy shares hit 5% upper circuit after block deal

Adani Green Energy shares hit 5% upper circuit after block deal

Around 13.70 lakh shares (0.10% equity) worth Rs 123.09 crore changed hands at an average of RS 899 per share, reported CNBC-TV18.

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Shares of Adani Green Energy Ltd on Monday hit the 5 percent upper circuit after a huge block deal where around 13.70 lakh shares changed hands, according to a CNBC TV report. However, the details of the buyers and sellers were not known.

At 10am, Adani Green share was trading at Rs 897.80 on the BSE, up 5 percent from previous close, while the benchmark Sensex inched up 0.23 percent to 59,968.61 points.

Around 13.70 lakh shares (0.10 percent equity) worth Rs 123.09 crore changed hands at an average of RS 899 per share, reported CNBC-TV18.

Adani Green Energy’s stock has shifted to the first stage of the long-term additional surveillance measure framework. This follows the stock’s previous placement under the second stage of the same framework by the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on March 28.

According to two circulars issued by the exchanges, Adani Green Energy will remain in the additional surveillance measure (ASM) framework but will be moved to a lower stage from April 10. The selection criteria for securities placed under the ASM framework typically involves factors such as high-low price variations, concentration of clients, frequency of price band hits, variations in close-to-close prices, and price to earnings ratios.

According to a Reuters report, multiple leading Japanese and European banks have reassured their confidence in Adani Group, despite recent challenges faced by the conglomerate.

A critical report by a U.S short seller, Hindenburg Research, released on January 24, had accused the company led by billionaire Gautam Adani of stock manipulation and improper use of offshore tax havens. As a result, the group’s seven listed stocks have witnessed a market value decline of around $120 billion, but the group has rejected all allegations made against them.

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