Adani Power shares fall over 3% amid buzz of stake sale by promoters

Adani Group is looking to sell 5 percent stake each in both the companies.

Adani Power share price took a hit in August 22 trade after CNBC-Awaaz reported  that promoters are looking to pare holdings in Adani Power and Ambuja Cements.

Adani Power stock tumbled to Rs 672 on the National Stock Exchange (NSE), declining 3.3 percent, while Ambuja Cements' shares fell 1.08 percent to Rs 622.45 apiece before recovering to Rs 639.5 by day's close.

Adani Group is looking to sell 5 percent stake each in both the companies, CNBC-Awaaz reported citing sources.

Promoters, at the end of June quarter, held a 72.71 percent stake in Adani Power and a 70.33 percent stake in Ambuja Cements.

Adani Power reported a 55 percent year-on-year (YoY) decline in its consolidated net profit for the first quarter ending June 2024, with earnings falling to Rs 3,913 crore compared to Rs 8,759 crore in the same period last year.

Despite the profit dip, revenue from operations rose by 36 percent YoY to Rs 14,956 crore, up from Rs 11,005 crore in the corresponding quarter a year ago.

Ambuja Cements saw an 11 percent drop in standalone net profit for the first quarter of FY 2024-25, posting Rs 571 crore against Rs 645 crore in the same quarter last year. The company's revenue from operations also fell by 4.5% to Rs 4,515.79 crore, down from Rs 4,729.71 crore in the year-ago period.

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