Adani Power and Tata Power are having another weak spell, extending previous session's losses after the Supreme Court disallowed any relief to the companies in the contentious issue of compensation to their respective power plants.

The apex court on Tuesday set aside the order of the Appellate Tribunal for Electricity that allowed compensatory tariff to these companies. In April 2016, the Appellate Tribunal for Electricity (APTEL) had said that Tata Power and Adani Power needed to be compensated as th change in Indonesian laws on coal export prices were outside the control of these companies.

The APTEL had held then that the change in Indonesian laws in 2011 that made the companies’ Mundra plants unviable to be a case of force majeure and that the losses incurred by the companies due to the change in Indonesian laws which made coal imports from the country costly, was outside their control and the companies must therefore be compensated. It asked the Central Electricity Regulatory Commission to work out a compensation package within three months.

Adani Power is down 5.4% at Rs 35.20, once again tumbling on heavy volumes. On the National Stock Exchange, the counter has clocked a volume of nearly 26 million shares so far in the session.

Tata Power, faring a lot better, is down by just about 1% at Rs 84.60. The Tata Power counter on the National Stock Exchange has clocked a volume of nearly 3.6 million shares so far today.