Adani Power has experienced a roller coaster ride in the stock market since the start of the year. The stock, along with other Adani Group stocks, faced a significant downturn following the release of the Hindenburg report earlier this year. However, over the years the stock has given multi-bagger returns to its investors.
The Investment: If you had invested ₹10,000 in Adani Power on May 26, 2014 — the day Prime Minister Narendra Modi was sworn into office — you would have bought approximately 164 shares at the closing price of ₹60.7. With the current market price at around ₹246, that investment would now be worth approximately ₹40,344. That's a substantial return of over 303% in about nine years.
Background: Shares of the company are trading lower on Wednesday ahead of its AGM scheduled for later in the day. At the Group’s AGM yesterday, chairman, Gautam Adani strongly denounced the Hindenburg report as a mix of “targeted misinformation” and “discredited allegations.”
He asserted that the report was a malicious and deliberate effort to harm their reputation. The billionaire added that the company has managed to attract substantial investments from international backers, raising billions despite the challenging environment.
Price Action: Adani Power’s share price was down 0.10% to trade at ₹246.30 in the late hours of trading on Wednesday.
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