Adani Power has shares worth $1 bn change hands in attempt to recover

Adani Power Ltd. had 8.1% of its total outstanding shares worth about $1 billion traded in five blocks on Wednesday as the ports-to-power conglomerate deepened its efforts to recover from a short-seller attack.

The buyers and sellers were not immediately known, but 310.9 million shares changed hands, according to data compiled by Bloomberg. The company’s stock fell as much as 4.1% after the bunched trades to 274.4 rupees ($3.30) and based on the average price, the deals are worth $1 billion, according to Bloomberg calculations.