MUMBAI: Shares of Gautam Adani’s thermal power unit closed 5% higher on the BSE on Thursday after the company halted a planned Rs 7,017-crore acquisition of a coal-fired power station in central India. Brushing aside the development, the Adani Power stock closed the session at Rs 148 on the BSE, with its market capitalisation rising to Rs 57,044 crore.
On Wednesday, Adani Power, which is India’s largest private thermal power producer, said the deadline to complete the acquisition of DB Power’s 1,200-megawatt (MW) plant in Chhattisgarh has expired. The development signalled a cutback in spending by Gautam Adani’s conglomerate after the New York-based Hindenburg Research criticised its business practices, which subsequently battered his group’s market value and turned lenders cautious.
