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Shares of Adani Power Ltd plunged 7.7 per cent to Rs 30.45, their lowest since July 31 on weak results. Gautam Adani-led Adani Power’s net loss for the first quarter ended June 30 widened over 80 per cent to Rs 825 crore, against Rs 453 crore in the year-ago period.
The company’s consolidated total income for the quarter declined by around 30 per cent to Rs 3,959 crore (Rs 5,601 crore) due to a sharp fall in its plant load factor. The average PLF achieved during the first quarter of FY19 was 38 per cent, compared with 63 per cent in Q1 FY18.
About 3 of 8 brokerages have rated the stock “hold”, and 5 “sell” or lower; their median price target is Rs 23, according to Thomson Reuters data. Adani Power stock had fallen 20.8 per cent this year as of last close.
(With inputs from Reuters)
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