Adani Flagship green unit has $900 million of block deals
Adani Green shares fell as much as 6.8%, their biggest intraday drop since Feb 3
Adani Green Energy Ltd. and the diversified group’s flagship firm had 2.2 per cent and 1.6 per cent of their respective total outstanding shares traded in blocks on Wednesday as the ports-to-power conglomerate recovers from a sharp selloff triggered after US short-seller Hindenburg’s report.
Adani Green Energy had total 35.2 million shares changing hands in 24 trades while the flagship Adani Enterprises Ltd. had 18 million shares traded in a single block, according to data compiled by Bloomberg. Based on average prices, the trades are valued at $900 million, according to Bloomberg calculations.
Shares of Adani Green fell as much as 6.8 per cent, their biggest intraday drop since February 3 but pared the decline to trade 2.5 per cent lower in early Mumbai trading. Adani Enterprises gained 4.6 per cent.