Adani Green Energy Ltd shares corrected 5 percent, locked in a lower price band of Rs 1,165.35 per share after opening on BSE on Monday. The stock had closed at Rs 1,226.65 on Friday.
The sharp dip in Adani Green Energy's share price came in after an Economic Times report said that the National Securities Depository Ltd (NSDL) blocked accounts of three foreign funds that have a total investment of Rs 43,500 crore in the Adani Group companies.
Consequently, Adani Group stocks including Adani Green, Adani Transmission, and Adani Gas hit lower circuit on NSE, down five percent each. Adani Enterprises slumped 20 percent.
As per the NSDL website, the accounts of Albula Investment Fund, Cresta Fund, and APMS Investment Fund were frozen on or before May 31. An account freeze means the funds would not be able to sell any of the existing securities nor buy any new ones.
Adani Green Energy had reported net sales at Rs 986 crore in March 2021, which an almost 42 percent rise from the Rs 695.74 crore reported a year ago in the same quarter.
The quarterly net profit in March 2021 came in at Rs 105 crore, up almost 9 percent from Rs 96.41 from the corresponding quarter last year.
In the last one week, the renewable energy share from the Adani Group has corrected 8 percent, while the one-month return is around 7 percent. So far this year, the stock has gained 10.5 percent, while the one-year return on the stock is a strong 245 percent.
(Edited by : Ajay Vaishnav)