Adani Power shares plunge 11.5% on Q3 net loss
New Delhi: Shares of Adani Power on Friday declined 11.5% after the company reported a consolidated net loss of Rs325.27 crore in the third quarter ended 31 December.
The stock crashed 11.48% to settle at Rs34.30 on BSE. During the day, it tanked 12.38% to Rs33.95. On NSE, it dived 11.35% to close at Rs34.35.
Following the sharp dip in the stock price, the company’s market valuation declined by Rs1,648.55 crore to Rs11,916.45 crore. In terms of volume, 43.58 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.
Adani Power on Friday reported a consolidated net loss of Rs325.27 crore in the quarter ended 31 December, mainly on account of lower plant load factor and higher financial costs.
The group had posted a net profit of Rs103.87 crore in the year-ago period, the company said in a BSE filing. According to the statement, the company’s total income in quarter under review was Rs5,872.57 crore as against Rs6,210.76 crore a year ago.