Why Adani power share price is falling?
The company has announced withdrawal of its delisting offer. Its shareholders had approved the delisting of company's shares on the BSE and NSE in July 2020, and had submitted application for approval for the delisting to the exchanges in January 2021. The company has not received in principle approval of the exchanges. And hence it is withdrawing offer for delisting on account of delay and commercial viability.
For the September 2021 quarter, Adani group
recorded a combined net loss of Rs 230.60 crore, due to lesser revenues.
According to a BSE report, the company's consolidated net profit for the
quarter ended September 30, 2020 was Rs 2,228.05 crore.
" The company faced a total
comprehensive loss after tax of (-) Rs 239 crore for Q2 FY2021-22, compared to
an income of Rs 2,216 crore for Q2 FY2020-21, this was due to a massive role of
one-time items to post-tax profit in Q2 of the previous year" the company
said in a statement.
The company's overall income for the
quarter was Rs 5,571,76 crore, down from Rs 8,792,28 crore a year before.
According to the company, greater one-time
revenue recognition of Rs 3,233 crore in the second quarter of the previous
year was due to different regulatory directives.
Adani power share price live
Why
are Adani Group's stock prices falling?
The media reports stating that the
National Securities Depository Ltd (NSDL) had frozen the accounts of three
foreign entities that had made big investments in Adani Group shares were the
trigger for the twist of events.
While the National Securities Depository Ltd
has denied such allegations, multiple reports have shown that they are
accurate. Since then, four of the Adani Group's firms have lost more than Rs
43,500 crore.
Fall
in Adani's wealth
Gautam Adani's fortune has been harmed by
the collapse in the share prices of the Adani Group firms. His net worth was
reported to be approximately $7,590 crores as of October 2021.
The
Adani Group's Adani Power Ltd (APL) is India's largest private thermal power
station.
Apart from a 40-MW solar power plant in
Gujarat, the firm has a total installed thermal power capacity of 12,410
megawatts (MW) split over six power plants in Gujarat, Maharashtra, Karnataka,
Rajasthan, and Chhattisgarh. Adani Power is on track to meet its development
potential, thanks to a world-class team of professionals in every aspect of
power.
The firm is using technology and creativity
to help India become a power-surplus nation, with high-quality, low-cost
electricity for everybody.
Also read - Adani Power Delisting