Thursday, 13 April 2017

Adani Power tanks 5% as SC disallows tariff relief

Shares of Adani Power fell nearly 6 percent on the Bombay Stock Exchange after the Supreme Court shoots down any relief to the company in the contentious issue of compensation to its power plants. Weighed down by the development, shares of the company declined as much as 5.77 per cent to hit an intra-day low of Rs 35.05 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 35.35 against the previous close price of Rs 37.20. In a similar fashion, stocks of the company were trading 4.9 per cent lower at Rs 35.35 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 29,607.62, down 180.73 points or 0.61 per cent, at 11:55 hours.

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