Adani Green Energy shares extend fall, crash 12% today to slip below Rs 900; here's what tech charts indicate

Shares of Adani Green Energy Ltd continued to fall for the fifth straight session in Monday's trade. The stock cracked 12.47 per cent to hit a day low of Rs 886.25 against its previous close of Rs 1,012.55. It was last seen trading 5.20 per cent lower at Rs 959.85. At today's low price, the scrip traded 101.72 per cent higher from its 52-week low of Rs 439.35, hit on February 28, 2023. Although, it has lost 65.57 per cent from its one-year high price of Rs 2,574.05, a level seen on August 23 last year.

The stock today witnessed heavy trading volumes as around 4.76 crore shares changed hands on BSE, which were way more than the two-week average of 2.26 lakh shares. Turnover on the counter came at Rs 4,379.53 crore, commanding a market capitalisation (m-cap) of Rs 1,50,665.25 crore. There were 7,02,006 buy orders over sell orders of 58,741 shares.

The company last week declared its first quarter results for the financial year 2023-24 (Q1 FY24). The Adani Group firm reported a 50.93 per cent year-on-year (YoY) jump in net profit at Rs 323 crore for the June quarter compared with Rs 214 crore in the corresponding quarter last year. Adani Green Energy said its revenue from operations jumped 55.04 per cent YoY to Rs 2,059 crore for the quarter against Rs 1,328 crore in the year-ago quarter.

Adani Green Energy said it continues to have the largest operating renewable energy portfolio in the country, with an operational capacity of 8,316 mw. The sale of energy, Adani Green Energy said, increased 70 per cent YoY to 6,023 million units in the June quarter, primarily backed by strong capacity addition.

Also Watch: Yatharth Hospital shares jump 10% after a mild listing; should you book profits? See what analysts say

On the technical setup, the stock traded lower than the 5-day, 10-, 20-, 30-, 50-, 150- and 200-day simple moving averages (SMAs) but higher than the 100-day simple moving average. The counter's 14-day relative strength index (RSI) came at 38.99. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-equity (P/E) ratio of 241.19 against a price-to-book (P/B) value of 28.35.

The scrip has an average target price of Rs 402, Trendlyne data showed, suggesting a potential downside of just 57 per cent. It has a one-year beta of 1.16, indicating high volatility.

All Adani stocks have witnessed major fluctuations after the Hindenburg setback. In January 2023, US-based Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. Adani, however, denied all the claims.

Indian market regulator Sebi in May had "drawn a blank" in investigations into suspected violations in overseas investments in the Adani Group. In addition, a Supreme Court-appointed panel said its ongoing pursuit of the case could be a "journey without a destination".

Also read: Hot stocks on August 7, 2023: Zomato, Paytm, IRFC, Adani Green, Grasim and more

The stocks have recovered after Adani assured investors and repaid debt. A series of investments from US-based GQG Partners also helped the counters to rebound.

Also read: Karur Vysya Bank, RITES, Saksoft, Gabriel India shares to turn ex-dividend today

Also read: Rs 302 to Rs 3,660: This power stock turned into a multibagger in three years; likely to hit Rs 7,000 in a year

Watch: Paytm share price surges 12% today, up 60% YTD; what's fueling the rally in Vijay Shekhar Sharma-led company's stock, should you buy?