On its first trading day as an F&O stock, shares have surged over 23%, marking its best single-day gain in over a year. The stock ended in upper circuits of 10% each on Thursday and Wednesday respectively. Shares had declined 8% each on Monday and Tuesday.
With Friday’s move the stock is up 26% so far this week, recovering nearly all the losses it had faced in the previous week. Shares had declined 29% in the week that ended on November 22.
This weekly advance for Adani Green Energy will be the first weekly gain for the stock since the week that ended on September 20. Back then, the stock had gained 12% for the week.
Adani Green Energy, in an exchange filing earlier this week said that Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the
FCPA in the counts set forth by the US Department of Justice, or the US SEC.
“These directors have been charged on three counts in the criminal indictment, namely alleged securities fraud conspiracy, alleged wire fraud conspiracy and alleged securities fraud,” Adani Green said in the filing.
Despite this recovery, the stock remains below all key moving averages on the charts.
Its Relative Strength Index (RSI) is now nearing levels of 50, having slipped to 12 on November 26. An RSI reading below 30 indicates that the stock is “oversold,” while a reading above 70 shows the stock is “overbought.”
All six analysts who have coverage on Adani Green Energy have a “buy” recommendation on the stock.
Shares of Adani Green Energy are trading 23% higher on Friday at ₹1,337. The stock is still down 17% so far in 2024. Along with Adani Green, all Adani Group stocks have erased their losses from Monday and Tuesday.
First Published: Nov 29, 2024 2:57 PM IST
