From Rs 1,000 To Below Rs 890 Per Share In 1 Day; Adani Stock Sheds 12.5% On Block Deal Buzz

Adani Green Energy, the renewable energy arm of Adani Group, witnessed a frenzy in selling its stock price on BSE and NSE during Monday's trade amidst a buzz of block deals. This Adani stock has nosedived by at least 12.5% so far in the day and has erased it's over Rs 1,000 mark to dive below Rs 900 levels. Due to the dumping of shares, Adani Green has lost nearly Rs 20,050 crore of market value in a single day.

At the time of writing, Adani Green traded at Rs 967 apiece, down by Rs 45.55 or 4.50% on BSE.

However, the stock has dropped by a whopping 12.5% to an intraday low of Rs 886.25 apiece in the early trade when the block deal supposedly took place. This would be a 66.6% drop in Adani Green shares from its 52-week high of Rs 2,574.05 apiece on BSE.

At a significant decline of 12.5%, Adani Green has lost at least Rs 20,048.90 crore of market cap to Rs 1,40,342.31 crore in a day.

In the previous session, Adani Green's shares were at Rs 1012.55 apiece with a market cap of Rs 1,60,391.21 crore.

As per the reports, nearly 3% of equity has changed hands in Adani Green shares via a block deal.

At the opening bell, 9.15 am, on BSE, over 4.42 crore equity shares changed hands, while at 9.16 am, about 17.73 lakh shares changed hands, and later on 9.17 am, about 6.67 lakh shares of Adani Green were traded, as per the exchange's data.

However, the names of buyers and sellers are not known immediately.

During the June 2023 quarter, Adani Green Energy posted 50.93% YoY growth in consolidated net profit to Rs 323 crore, while revenue from operations surged by 55.05% YoY to Rs 2,059 crore.

In the quarter, the company's operational capacity increased by 43% YoY to 8,316 MW with the addition of 1,750 MW solar-wind Hybrid, 212 MW solar and 554 MW wind power plants over the last year. While the sale of energy increases by 70% YoY to 6,023 mn units. Further, the solar portfolio CUF stands at 26.9%, the Wind portfolio CUF at 38.7% and the Solar-wind Hybrid portfolio CUF at 47.2%.

As per the Trendlyne data, the day's momentum score in Adani Green is 41.1 which is neutral --- as stocks with a score above 70 are considered technically Strong and below 35 are considered weak.

While the stock's RSI is 48.7 --- still favourable since an RSI below 30 is considered oversold and above 70 overbought. Meanwhile, the MFI is 49.7 also neutral --- since MFI below 30 is considered oversold and above 70 overbought.

Further, the stock's 50-day SMA is Rs 987.9, while its 100-day SMA is Rs 943.6 and 200-day SMA is Rs 1,299.1.

Also, as per Trendlyne, the analyst price target is Rs 402 for the stock, down by 58%.