Adani Green Energy falls 8% to ₹891.85, hits 52-week low; Losing streak spans six seasons

Shares of Adani Green Energy continued their slide on Tuesday (November 26), continuing their losing streak for six consecutive sessions.

The company's stock opened flat at Rs 968.80 per share today, but soon came under selling pressure and touched a 52-week low of Rs 891.85, down nearly 8 per cent during the intraday trading session.

As of 12:20 PM IST, shares of the company were trading at Rs 900, down 7.10 per cent on NSE. Additionally, around the same time, around 50.34 lakh shares had changed hands, pointing to increased trading activity amid investor concerns.

The day's high and low reflected the opening price of Rs 968.80 and 52-week low of Rs 891.85, respectively.

What is the reason for the sell-off?

The dramatic fall in the company's share price came from investors' reactions to recent statements by TotalEnergies, which is a major stakeholder in Adani Green Energy Ltd.

On Monday (November 25), the French energy giant clarified that it will not make any fresh capital investments in Adani Group companies until further notice.

Stock Performance – NSE – 5D |

Responding to media reports, Adani Green Energy issued a clarification through a BSE filing on Tuesday and said, “We wish to clarify that there is no new financial commitment under discussion with TotalEnergies. Therefore, the press release There will be no material impact on the company.” The company's operations or its development plans.”

TotalEnergies' stake and investments

In Adani Green Energy Limited, TotalEnergies currently holds 19.75 per cent stake, making it one of the major partners in the company's renewable energy ventures.

The image has been used for representational purposes only. Image: Wikipedia (Representational)

In addition, the French multinational also has a 50 percent stake in three joint ventures that produce renewable energy through solar and wind.

Apart from Adani Green Energy, TotalEnergies also has a significant presence in Adani Total Gas Limited, where it holds a 37.4 per cent stake.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers are advised to do their own research and consult a financial advisor before making investment decisions. The author and publisher are not responsible for any financial loss suffered by the readers.