Adani Green falls 3% even as company releases pledge of 3.35 crore shares
The stock has shed over 8 percent in the last two days and hit lower circuit of Rs 1087.55 on BSE.
November 26, 2020 / 02:16 PM IST
Adani Green Energy share price was down over 3 percent in the morning trade on November 26 even as the company released the promoter pledge of 3.35 crore equity shares.
Vistra ITCL India released 3.35 crore equity shares of the company.
Vistra ITCL is a security trustee acting on behalf of one of the lenders of the company. As a condition of availing the financial facility, one of the promoter entity had pledge the shares in favour of Vistra ITCL.
The stock, which has shed more than 8 percent in the last two days, was trading at Rs 1,106.35, down Rs 38.40, or 3.35 percent at 0933 hours. It has touched an intraday high of Rs 1,142.50 and an intraday low of Rs 1,087.55. It hit the lower circuit of Rs 1087.55 on BSE.
The company's consolidated net profit dropped 81.2 percent to Rs 18.8 crore on a 11.1 percent fall in net sales to Rs 599.95 crore in Q2 September 2020 over the year-ago period.
Moneycontrol technical rating is very bullish, with moving averages and technical indicators being bullish. The company has been reporting a decline in quarterly net profit with falling profit margin (YoY).
Corrigendum: This copy has been updated to say company released the promoter pledge of 3.35 crore equity shares. The story had earlier said that Vistra ITCL India had offloaded shares, which is incorrect. The error is regretted.Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.