Adani Transmission, Adani Green Energy Shares Hit Upper Circuit

Adani Transmission shares have lost 61.1 per cent in a year and declined 60.89 per cent since the beginning of this year, Adani Green shares hit upper circuit of 5 per cent amid a highly volatile broader market

Shares of Adani Transmission are trading 76.09 per cent lower to their 52-week high.

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Shares of Adani Transmission gained 5 per cent to Rs 1013.55 against the previous close of Rs 965.30 on the BSE. The stock opened higher at Rs 969.90 on the BSE on Tuesday. Adani Transmission shares have lost 61.1 per cent in a year and declined 60.89 per cent since the beginning of this year.

A total 0.35 lakh shares changed hands amounting to a turnover of Rs 3.50 crore on the BSE. The market cap of the company rose to Rs 1.13 lakh crore.

The large-cap stock hit a 52-week high of Rs 4238.55 on September 16, 2022 and a 52-week low of Rs 630 on March 1, 2023.

The relative strength index (RSI) of Adani Transmission stands at 43, signalling neither the stock is overbought nor oversold. The stock has been highly volatile with its beta at 1.4 in the last one year. Adani Transmission shares are trading higher than the 50 day moving averages but lower than 5 day, 20 day, 100 day and 200 day moving averages.

Shares of Adani Transmission are trading 76.09 per cent lower to their 52-week high.

On the other hand, shares of Adani Green Energy hit upper circuit of 5 per cent amid a highly volatile broader market in early trade on Tuesday. Adani Green shares gained 5 per cent to Rs 930.75 against the previous close of Rs 886.45 on the BSE. The stock opened higher at Rs 881.95.

The Hindenburg report, which was released on January 24 this year, led to weak sentiment around the Adani Group stocks. In response, the group called Hindenburg report as maliciously mischievous and unresearched, which, it said, adversely affected Adani Group, its shareholders and investors.

Adani Group had said that the timing of the Hindenburg report's publication clearly betrays a brazen, mala fide intention to undermine the group's reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which was the biggest FPO ever in India.