NHPC‘s share price was in the red on Wednesday morning looking set to extend its losing streak to the seventh straight session. The stock has slumped around 11% in the last five sessions.

What Happened: The hydropower major Limited on Tuesday evening said that the major landslide in Sikkim affected its 510 megawatt Teesta-V Power Station and the estimated loss was around ₹327.67 crore.

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In a regulatory filing, NHPC stated that the power station is currently non-operational and undergoing restoration following the flash floods in October 2023. The estimated loss due to the landslide on August 20, 2024, amounts to ₹327.67 crore, with the damage report being submitted to the insurance company.

The Teesta-V Power Station, commissioned in 2008, is a run-of-the-river scheme with diurnal storage designed to harness the hydro potential of the Teesta River, particularly during the lean season.

Earlier in the month, Ventura initiated coverage on the stock with a “buy” rating and a 24-month price target of ₹176.

Price Action: NHPC’s share price was down 0.46% to trade at ₹78.24 as the markets opened on Thursday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.