Adani Power’s shares were trading at ₹563.80 on the BSE as of 3.12 PM on Thursday up 2.64 per cent from its previous close.
Adani Power shares have risen over 20% in the past two trading sessions and the trading volume too has seen a sudden spike, prompting the regulators to seek clarification from the company.
In response, Adani Power has said the trading volumes are primarily driven by market dynamics. In the response filed by Adani Power, Deepak S Pandya, Company Secretary of Adani Power, has claimed that the company neither controls nor has any knowledge of the reasons for the increase in trading volume of its equity shares.
Shares of several Adani Group companies have been trading higher in the past couple of trading sessions and coincidentally, this is followed by the disbandment of the Hindenburg Research, a short seller hedge fund, founded by Nathan Anderson. Hindenburg Research made several allegations against Adani Group including stock market manipulation, accounting fraud & bribery.
The stock reached a high of ₹896.75 on June 3, 2024 and low of ₹430.85 on November 21, 2024 on the BSE.