homemarket Newsstocks NewsAdani Group stocks fall more than 6% after weak Q1 results

Adani Group stocks fall more than 6% after weak Q1 results

Adani Group stocks fall more than 6% after weak Q1 results
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By CNBC-TV18 Aug 7, 2018 1:10:56 PM IST (Published)

Shares of Adani Group companies, Adani Power and Adani Ports & Special Economic Zone, declined on Tuesday after the two firms posted weak quarterly results for the period ended June.

Shares of Adani Group companies, Adani Power and Adani Ports & Special Economic Zone, declined on Tuesday after the two firms posted weak quarterly results for the period ended June.

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Adani Power scrip traded at Rs 30 apiece, down by 9.09 percent at 12.35 pm on the BSE. Intra-day, it has seen a high of Rs 31.35 and a low of Rs 29.15, after opening at Rs 31.
Adani Ports and SEZ stock dipped over 6 percent to Rs 373.65, losing Rs 24.10 in value. The stock opened at Rs 394.90 and touched a high of Rs 394.40 and a low of Rs 371.20 in intra-day trade on the BSE.
On Monday, Adani Power reported that its consolidated net loss widened by 82 percent to Rs 825.15 crore in the quarter ended June 30, 2018. The company had reported a consolidated net loss of Rs 452.84 crore in June in the previous fiscal.
Adani Power's total income in the June quarter declined to Rs 3,959.40 crore from Rs 5,601.25 crore a year ago, due to lower PLFs and billed availability.
Likewise, Adani Ports and SEZ's June quarter net profit dipped 9.1 percent to Rs 697.4 crore against Rs 767.5 crore in the same quarter last fiscal, while the company's revenue declined 12.2 percent to Rs 2,411 crore versus Rs 2,745.1 crore.
Another Adani Group company, Adani Green Energy Ltd's stock also fell 5 percent to Rs 70.60 on the BSE. The stock is reportedly placed under additional surveillance measures (ASM) by the market regulator Securities and Exchange Board of India (SEBI) with effect from today.
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