BENGALURU (Reuters) – Qatar Investment Authority (QIA) likely picked up shares worth $500 million in India’s Adani Green Energy via block deals on Monday, ET Now reported, citing sources.
Over 1.1 million shares of the Adani Group-owned renewable power producer changed hands in fourteen block deals as of 2 p.m. IST, as per data from Refinitiv, in a price range of 882 to 954 rupees per share.
QIA’s potential investment in the billionaire Gautam Adani-owned firm comes at a time when the group is coming out of the impact caused after U.S.-based Hindenburg Research said it held short positions in the conglomerate in January.
The short seller’s report battered investor confidence and wiped out nearly $147 billion from Adani companies’ market value.
Shares of its group companies have rebounded but are still down around $100 billion in value.
QIA and Adani Green did not immediately respond to Reuters’ request for comment.
Shares of Adani Green fell as much as 12.59% earlier on Monday, but have trimmed most of their losses. The stock was trading down 3.3%, as of 2:30 p.m IST.
(Reporting by Biplob Kumar Das and Nallur Sethuraman in Bengaluru; Editing by Varun H K and Sonia Cheema)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 07 2023 | 4:05 PM IST