The counter ended the day at Rs 64.50, down over 7 per cent from the previous day. The stock is down 62 per cent from its all-time high levels that it hit in November last year.
“The beauty (or should I say ugliness) of an all-time low in a stock is that anyone who bought at any price is at a loss now,” said Sandip Sabharwal, an independent market commentator, on the crash in the stock.
The selloff in the counter has come when almost all tech stocks have suffered. Even those listed in the US are in bear grip. Analysts are hopeful for the long term and believe volatility may continue in these counters in the short term.
It is not often we see a big down move in
. The stock plunged 6 per cent on Wednesday even as the company said its consolidated profit for the March quarter rose about 16 per cent year-on-year.
The company said its revenue from power supply climbed 56 per cent in the March quarter while Ebitda jumped 69 per cent. Cash profit advanced 51 per cent to Rs 563 crore, it said.
“Adani Green Energy’s strong results are a validation of the Adani Group’s rapidly expanding focus on renewables,” said Gautam Adani, Chairman, Adani Group. “Not only is our investment roadmap in the green energy value chain unmatched by any other portfolio of energy and utility businesses, but we have also been consistently setting new industry benchmarks in efficiency, performance and capacity development.”
Goldiam International, which makes precious jewellery, said it received a big order from international clients. The stock jumped over 3 per cent.
“We are pleased to announce that the Company has received confirmed additional export orders worth Rs 100 crore from its International clients for manufacturing diamond-studded gold jewellery,” the company said in a regulatory filing.