Shares of Adani Green Energy rose 3% in morning trade on April 17 after the company said its operating capacity in FY23 jumped 49% from the previous year to 8,086 MW, the largest in India.

Adani Group said on April 14 that in FY23, Adani Green operated a 2,140 MW solar-wind hybrid power plant in Rajasthan, commissioned a 325 MW wind power plant in Madhya Pradesh, and Rajasthan commissioned a 212 MW solar power plant.

Energy sales in FY23 rose 58% YoY to 14,880 million units from 9,426 million units in FY22, backed by solid capacity additions, the company said in its business update.

The stock traded 1% higher on the BSE at Rs 950.6 at 9:41 am. The stock has slumped more than 50% in the past three months after US-based short-seller Hindenburg Research accused Adani Group of manipulating its shares and pointed to corporate governance issues and debt problems. The group has denied the allegations.

Adani Green Energy is one of India’s largest renewable energy companies, with a project portfolio of 20,434 MW. The Gautam Adani-led company has 25-year long-term power purchase agreements with central and state government entities and has expanded its operations to 12 Indian states.

Holdings data for the March quarter showed that state-owned insurance giant Life Insurance Corporation (LIC) had recently slightly increased its stake in four Adani companies. Still, retail investors appear to have raised their stakes in eight Adani entities.

The insurance giant’s top holdings in Adani companies were Adani Green and Adani Total Gas, followed by Adani Enterprises and Adani Transmission. Its stake in Adani Green Energy rose to 1.36% from 1.28%. Retail investors raised their stake in the company from 1.06% to 2.33%.