Other stocks from the Adani Group stable also witnessed profit booking in the day’s trade
Adani Transmission Share Price: Shares of Adani Transmission fell nearly 6 per cent after a large number of shares were traded on Friday after 3.8 crore shares or 3.45 per cent of the company’s total equity exchanged hands in three large trades.
Read More: BPCL To Raise Funds Up To Rs 18,000 Crore Via Issue Of Equity Shares
The shares exchanged hands at an average price of Rs 795 apiece, taking the total value of the transaction to Rs 3,103 crore, according to exchange data.
Buyers and sellers in this transaction were not immediately known.
The stock has declined on heavy volumes as a result of the transaction. The volumes are more than 18.4 times of the three-month full-day average.
Adani Transmission shares are trading at over 80 per cent discount from their 52-week high of Rs 4,236.75. The stock must surge 5 times from current levels to achieve this level. It hit its 52-week low of Rs 631.50 in March as a consequence of the Hindenburg Research Report published in January this year.
Read More: ICICI Bank Approves ICICI Securities Delisting; Shares Fall Over 3%
Today’s correction comes on the back of an 8 per cent rally seen in the counter over the three trading sessions.
The stock is highly volatile and has traded with a 1-month beta of 2.09, according to Trendlyne data. Adani Transmission shares have underperformed Nifty50 over the last one month, giving negative returns of 7 per cent versus nearly 3 per cent returns by the 50-stock exchange.
Read More: Stocks to Watch: TCS, ICICI Bank, BPCL, Adani Total, ONGC, Zomato, and Others
Other stocks from the Adani Group stable also witnessed profit booking in the day’s trade. The Nifty50 constituents Adani Enterprises and Adani Ports and Special Economic Zone were trading in the red in early trade. The broader market stocks viz. Adani Power, Adani Green Energy, Adani Wilmar, ACC, Ambuja Cements and NDTV were also trading with cuts of 0.2-0.7 per cent.
