Adani Power stock slips 5%, down for third straight session

Shares of Adani Power hit lower circuit of 5 per cent for the second consecutive session amid the ongoing market correction. Adani Power stock fell 4.99 percent to Rs 254.25 against the previous close of Rs 267.60 on BSE.

On Tuesday, the stock closed 5 per cent lower against the previous close of Rs 281.65 on BSE. The share has fallen 12 per cent in the last three sessions. The stock opened with a loss of 3.49 percent at Rs 258.25 today.

Market cap of the firm fell to Rs 98,062 crore. Total of 30.30 lakh shares of the firm changed hands amounting to a turnover of Rs 98,062 crore on BSE.

Adani Power Q4 results: Net profit zooms to Rs 4,645 cr, EBIDTA rises 271%

The stock has gained 157 per cent in a year and zoomed 155 percent in 2022.

 In a month, the stock has risen 10 per cent. The large cap stock trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

The stock hit a 52-week high of Rs 312.30 on  April 28, 2022 and a 52 week low of Rs 69.95 on August 24, 2021.

On May 2,  AR Ramachandran, co-founder & trainer, Tips2Trades, said, "Fundamentally and technically, Adani Power looks very overvalued and a strong correction is due at any time. Investors should book profit in Adani Power at current levels or keep a stop loss of Rs 275." For the quarter ended March 2022, the Adani Group firm reported a multi-fold rise in consolidated profit after tax (PAT) at Rs 4,645 crore for the quarter ended March 31, 2022 against a net profit of Rs 13 crore in the year-ago period.

Consolidated revenue zoomed 93 per cent year-on-year (YoY) to Rs 13,308 crore as against Rs 6,902 crore in the same quarter of last fiscal. The consolidated EBITDA, or earnings before interest, taxes, depreciation, and amortization rose 271 per cent to Rs 7,942 crore from Rs 2,143 crore in the same quarter last year.