Adani Green Energy Ltd saw its shares plunge as much as 12.5% in Monday’s trade on the back of reports of a block deal of the company shares executed on the counter.

As per reports, a 2.7% equity stake or 4.7 crore shares in the company changed hands in a block deal in Adani Green Energy. The transaction was worth Rs 4,352 crore. The buyers and sellers in the deal are not known.

According to the shareholding data available with the exchanges, the promoter and promoter group hold a 56.27% stake in the firm as of June 30, 2023, while the rest lies with the public.

At 12:40 pm, the stock was trading at Rs 965.25, down 4.67% compared to the last closing price on the National Stock Exchange (NSE). The scrip hit an intraday low of Rs 855.10, nearly 12.5% down from Friday’s closing price of Rs 1,012.55 per share. 

Adani Green Energy shares are down 62.5% from the 52-week high of Rs 2,574.05 it had hit on August 23, 2022, but 120% up from a 52-week low of Rs 439.35 touched on February 28, 2023. On a year-to-date basis, the stock has fallen 48.89%. 

Shares of the Adani Group are in the market’s focus due to the recent announcements made by the companies, leading to a positive and negative impact. 

Shares of most Adani group stocks have remained in focus recently on the back of recent corporate earnings updates by Adani firms, acquisitions of a 70.19% stake in Stark Enterprises Pvt., acquisition of a majority stake in rival Sanghi Industries and other corporate updates. 

Adani Enterprises’ unit, Adani Digital Labs, acquired a 100% stake in Stark Enterprises, the parent company of Trainman. The firm also sold its entire stake in Natural Growers Private Ltd to Samarpratap Agrotech Private Ltd (SAPL) for a total consideration of Rs 8.25 crore. 

Adani Ports shares are in the eyes of the investors as the company is all set to announce its June quarter results this week.