Adani Power gains 3%, recover previous day’s loss after GQG revealed as buyer of 8.1% stake

Adani Power’s share price increased by more than 3% in morning trading on August 17, making up for the previous day’s loss, after it was reported that GQG Partners was the party to buy 8.1 shares worth of shares. % in company. Shares of Adani Power rose to Rs 288.3 in the morning, from a previous close of Rs 279.9.

Prior to that, on August 16, Adani Power’s shares fell 4% on the day before recoiling some of the losses to end the day at Rs 279.9, following reports of an 8.1 sell-off. % of capital. After the market closed, it was revealed that Rajiv Jain’s GQG Partners purchased shares for around Rs 9,000 crore ($1.1 billion).
As of 9:36 am, shares of Adani Power were trading at Rs 287.40 on the National Stock Exchange, up 2.6% from the previous close. In March, US-based GQG Partners invested $1.87 billion in Adani Enterprises, Adani Ports, Adani Transmission and Adani Green Energy after Adani Group lost about half of its market value following the announcement. Hindenburg Research short seller report. The fund then invested another $1 billion in June in Adani Group companies. Shares of Adani Group fell after US-based short sellers reported governance issues, with Adani Enterprises losing up to 75% of its market capitalization in just one month. All companies in the group were wiped out about Rs 10 lakh in market capitalization.
Shares have rallied, with Adani Enterprises up nearly 150% in the past five months. GQG has enjoyed substantial returns on investments in Adani Group companies since March, bringing the current value of the investments to approximately $4 billion.