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Adani Power shares fall more than 6% amid weak broader trading

The stock dropped 6.3% to an intraday low of ₹184.15 on 8 October and has been down about 8% for the month so far, with profit booking cited as a key driver.

Reported · Written up by our desk · Equities

Adani Power shares fell more than 6% on the BSE on 8 October, as weakness spread across the broader market. The stock opened at ₹196 versus its previous close of ₹196.60, then slid 6.3% to an intraday low of ₹184.15, extending losses for a second straight session.

On the same day, India’s benchmark Sensex declined 1.5%. LiveMint Markets attributed the Adani Power drop largely to profit booking occurring amid prevailing weakness in the stock market.

Despite the selloff, the shares remain up on longer timeframes, with Year-to-date gains of 26% compared with a 16% decline in the Sensex and a 6% rise in the BSE Power index.

Over the last six months, Adani Power has gained 11%, and according to Jigar S. Patel of Anand Rathi Share and Stock Brokers, ₹182 to ₹183 is emerging as a major support zone.

Latest closeSensex 72,382.47 ▲0.7%

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