Shares of Adani Power Ltd fell 3.26% to ₹157.05 on Tuesday, September 24, as the stock came under selling pressure after a strong rally in the previous sessions. The decline comes a day after the counter turned ex-date for its 1:5 stock split, which had attracted significant investor participation.
Profit booking after sharp rally
Adani Power shares had surged nearly 6% in the last three trading sessions, driven by upbeat sentiment around the stock split and renewed buying interest in Adani Group counters. Market experts said today’s fall was largely on account of profit booking as investors locked in gains after the recent run-up.
Stock placed under ASM framework
Adding to the pressure, the stock has also been placed under the short-term Additional Surveillance Measure (ASM) framework, which is aimed at curbing volatility and speculative activity. The ASM tag typically makes investors cautious and restricts sharp price movements in the near term.
Despite today’s decline, analysts noted that Adani Power has been among the better-performing power sector stocks this year, continuing to attract institutional and retail interest.
At the time of writing, the stock was trading at ₹157.05, down ₹5.30 from the previous close of ₹162.35.
