Shares of Adani Group‘s renewable energy arm Adani Green Energy hit a lower circuit for the fourth straight session as the markets opened for business on Thursday.
What Happened: The company got approval from the Sri Lankan Board of Investment for a ₹3,600 crore project. The company will be building two power plants in the country that will be operational by 2025.
“The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, they will be added to the national grid by 2025,” the board said in a statement.
The board informed that the two power plants are expected to generate employment for around 1500-2000 people.
However, the announcement seems to have failed to lift the mood of investors in the stock that has been bleeding in the stock market since the Hindenburg report came out. The company’s shares have dropped over 70% since the U.S.-based short seller’s allegations surfaced.
Get all the latest Share Market trends and news to set you up for the week ahead.
Price Action: Adani Green Energy slumped 5% to hit lower circuit of ₹512.35 as the markets opened on Thursday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.