On Thursday, the National Company Law Tribunal (NCLT) approved the merger of Adani Power Maharashtra, Adani Power Rajasthan, Udupi Power Corporation, Raipur Energen, Raigarh Energy Generation and Adani Power (Mundra) with Adani Power, a subsidiary of Adani Group.

“We would like to inform you that the National Company Law Tribunal, Ahmedabad Bench has approved the merger of six wholly-owned subsidiaries of Adani Power Limited (“APL”). These companies are: Adani Power Maharashtra Limited; (ii) Adani Power Rajasthan Limited; (iii) Udupi Power Corporation Limited; (iv) Raipur Energen Limited; (v) Raigarh Energy Generation Limited; (vi) Adani Power (Mundra) Limited with APL (the “scheme”) in 2023 8 February,” Adani Power told the stock exchange on Thursday.

Meanwhile, shares of most Adani group companies were in negative territory in early trade on Thursday, with flagship Adani Enterprises witnessing a 20% plunge. Shares of as many as nine Adani group companies fell while one rose.

Shares of Adani Enterprises plunged 20% to Rs 1,834.90 per share – the lower price range on the BSE. The flagship company’s market capitalisation fell to Rs 2.38 lakh crore in the initial trade.

Adani Ports and SEZs plunged 5.59% to Rs 565.95.