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Why Adani power share price is falling? November 11 2021Adani group, Adani power share prices fall

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Why Adani power share price is falling?

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.

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

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