Adani Green Energy Share Price Hits Upper Circuit

Adani Green Energy Ltd. share price hit a 10% upper circuit in Wednesday's session as the sentiment for the stock turned positive after clarification that its officials are not named in bribery charges under the US Foreign Corrupt Practices Act.

Adani Group chairman Gautam Adani, Adani Green Energy Ltd. Executive Director Sagar Adani, and Chief Executive Officer Vneet Jaain have not been named in the bribery charges in the indictment filed by the US Department of Justice, a statement by Adani Green read on Wednesday.

Adani Green Energy has also refuted claims of news reports about senior officials after it received the fresh filing by the US Justice Department, which showed no mention of its above mentioned officials under US Foreign Corrupt Practices Act.

Last week Adani Green Energy shares witnessed steep decline after allegations were levelled by the US Department of Justice. The stock plunged 27.81% in the week ended on Nov 22.

Adani Green Energy share price hit a 10% upper circuit and rose to 988.40 apiece, the highest level since Nov 25. It remained locked in the upper circuit as of 2:36 p.m., as compared to 0.45% advance in the NSE Nifty 50 index.

The stock has been declining for two days. It lost 7.25% in last two trading session.

The stock declined 6.12% in 12 months, and declined 38.11% on year-to-date basis. Total traded volume so far in the day stood at 6.6 times its 30-day average. The relative strength index was at 21.58, which implied the stock is oversold.

Out of four analysts tracking the company, three maintain a 'buy' rating, and one suggests to 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 98.9%