Adani Power Hits Lower Circuit Again: What's Behind Today's Plunge

Adani Group’s Adani Power hit lower circuit for the second straight session as the markets opened on Thursday.

What Happened: Orient Cements on Wednesday informed the exchanges that its non-binding MoU with Adani Power Maharastra stands terminated. The MoU signed by the company in September 2021 with Adani Power Maharashtra Limited (APML) was for “facilitating bona fide use of land identified for exploring the possibility of establishing a Cement Grinding Unit ("CGU")” at Maharashtra’s Tiroda.

See Also: SEBI Wants Details On Adani Group Companies' Loans, Securities From Credit Raters

However, Orients Cements informed that APML has asked it to not to pursue the venture further as APML was unable to obtain the required clearances for the project from Maharashtra Industrial Development Corporation, due to some legal issues.

The cement manufacturer also added that the timelines as agreed upon in the MoU have expired and hence the Company “has accepted the position of APML and accordingly, the said non-binding MoU
stands terminated.”

The news as the Adani Group companies have been bleeding at the stock market since the Hindenburg report came out.

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Price Action: Shares of Adani Power plunged 5% to hit lower circuit at ₹154.50.

Orient Cements was trading 0.98% lower at ₹116.35 as the markets opened on Thursday.

Read Next: Hole In The Wall? Ambuja Cement Shares Bleed Again As Himachal Pradesh Boost Proves Short-Lived

Posted In: Adani GroupAdani PowerGautam AdaniHindenburg ResearchMaharashtra Industries