Adani Power shares slip on fresh litigation over coal transport cost

Adani Power stock has surged about 220 percent from its 52-week lows at Rs 166.25 hit in March 2023. Year-to-date, the stock has risen nearly 1 percent, underperforming benchmark Nifty 50 marginally.

Moneycontrol News

March 26, 2024 / 22:08 IST

Adani Power is likely to be among the biggest beneficiaries of the semi-annual rejig of NSE Nifty indices

Shares of Adani Power edged lower on March 26 after the company announced the disclosure of a new litigation matter. The Maharashtra State Electricity Distribution Company (MSEDCL) has filed a petition with the Maharashtra Electricity Regulatory Commission (MERC) about how to calculate domestic coal transportation costs.

"The Maharashtra State Electricity Distribution Company has filed a petition with the Maharashtra Electricity Regulatory Commission with respect to the interpretation of the manner in which the in-land transportation cost is to be computed for domestic coal as contained in MERC’s order dated November 28, 2020, pertaining to Adani Power Maharashtra (erstwhile wholly owned subsidiary of the company, amalgamated with the company w.e.f. March 7, 2023) and MSEDCL," Adani Power said in a regulatory filing

Shares of Adani Power were trading half a percent lower at Rs 527.90 on the National Stock Exchange (NSE). The stock has surged about 220 percent from its 52-week lows at Rs 166.25 hit in March 2023. Year-to-date, the stock has risen nearly 1 percent, underperforming benchmark Nifty 50 marginally.

Follow our market blog to catch all the live action

Adani Power is likely to be among the biggest beneficiaries of the semi-annual rejig of NSE Nifty indices, which would take place later this week on March 28, with adjustments on March 27. The stock may attract inflows of around $45 million, the highest due to the NSE rejig, according to analysts.