Shares of Adani Green Energy Tuesday (November 26) extended their downward spiral, continuing their losing streak to the six consecutive sessions.
The company's stock today opened flat at Rs 968.80 apiece but quickly succumbed to selling pressure and decline by nearly 8 per cent to touch a 52-week low of Rs 891.85 during intraday trading session.
By 12:20 PM IST, the shares of the company were trading at Rs 900, down 7.10 per cent on NSE. Apart from this, around the same time, nearly 50.34 lakh shares had changed hands, pointing out the heightened trading activity amid investor concerns.
Share Performance - NSE |
The day's high and low mirrored the opening price of Rs 968.80 and the 52-week low of Rs 891.85, respectively.
What Triggered the Sell-Off?
The dramatic fall in the share price of the company was fuelled by investor reactions to recent statements from TotalEnergies which is a key stakeholder in Adani Green Energy Limited.
On Monday (November 25), the French energy giant clarified that it would not be making any fresh capital investments in Adani Group companies until further notice.
Share Performance - NSE - 5D |
Responding to media reports, Adani Green Energy issued a clarification on Tuesday through the BSE filing and said, "We wish to clarify that there is no new financial commitment under discussion with TotalEnergies. Hence, the press release will not have any material impact on the company’s operations or its growth plan."
TotalEnergies’ Stake and Investments
In Adani Green Energy Limited, theTotalEnergies currently holds a 19.75 per cent stake, marking it one of the key partner in the company’s renewable energy ventures.
Image used for representation purpose only | Image: Wikipedia (Representative)
In addition to this, the French multinational also owns a 50 per cent stake in three joint ventures that produce renewable energy through solar and wind.
Apart from Adani Green Energy, TotalEnergies also has a notable presence in Adani Total Gas Ltd, where it holds a 37.4 per cent stake.
isclaimer: This article is for informational purposes only and does not constitute financial advice. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions. The author and publisher are not responsible for any financial losses incurred by readers.
