Adani Powers May Exit Carmichael Mine Project Stock Skids 2%

Adani Group company, Adani Power veered as much as 2% to Rs 29.25, on Wednesday’s trading session at 0940 hours, the lowest since December 28, 2016.

Market observers believe, that to skip further bickering Adani's might backtrack from the $16.5 billion Carmichael coal project in Australia. The news flashed on a leading business portal dampened the morale of the investors and dragged the stock down from yesterday's closing of Rs 29.85.

Adani Power on the NSE has delivered 5.35% returns for a period of one year and has underperformed the BSE Midcap and BSE Capital Goods indices over the same time period.

Adani Power is engaged in providing electric power generation by coal-based thermal power plants and coal trading. Its business activity is undertaken at Mundra Thermal Power Plant of the company in Gujarat and Thermal Power Plant of its subsidiaries at Tiroda (Maharashtra), at Kawai (Rajasthan) and at Udupi (Karnataka).

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