Adani Transmission stock dips ~5% on block deal news

30 Jun 2023 , 01:44 PM

Adani Transmission’s counter fell more than 5% on the NSE on Friday following a possible block deal in the stock. Around 3.2% of Adani Transmission’s equity changed hands, as per the reports.

Following the transaction, Adani Transmission shares traded at a high volume, with over 4.3 crore shares trading on the NSE at around 1.30 PM. Around this time, the traded value of stocks on the NSE was Rs 3,390.94 crore.

The company’s market capitalization was Rs 86,450 crore. 

Shares of Adani Transmission are trading at a price that is more than 80% lower than their 52-week high of Rs 4,236.75 apiece. To reach this level, the stock must increase five times from current levels. As a result of the Hindenburg Research Report, which was released in January of this year, stock fell to a 52-week low of Rs 631.50 in March.

Today’s correction follows an 8% rally in the counter over the previous three trading sessions.

At around 1.39 PM, Adani Transmission was trading 5.50% lower at Rs 774.10, against the previous close of Rs 819.15 on NSE. The scrip touched an intraday low of Rs 770.55.

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