Adani Power share price jumps 19% post stock split; here’s why
Adani Power Ltd share price climbed 19 per cent in Monday’s trade, as the scrip turned ex-date for stock split. Adjusted for the corporate event, the Adani group stock climbed 18.82 per cent to hit a high of Rs 168.50 on BSE. On unadjusted basis, the stock opened at Rs 141.80 apiece, down 80 per cent over Friday’s closing price of Rs 709.05, as Adani Power stock with face value of Rs 10 got split into five shares with face value of Rs 2 each.
The stock has already been in news after SEBI dismissed Hindenburg Research’s allegations against the Adani Group. With the stock split, Adani Power aims to encourage greater retail participation by making shares more affordable. This is after the stock surged 388 per cent from their February…
