Stock market today: Shares of Adani Green Energy reversed early gains on Friday, January 24, and cracked nearly 6% from the day’s high to trade in the red amid reports that Sri Lanka has revoked a $440 million power purchase deal with the company.
Adani Green share price opened in the green at ₹1,039.45 on the BSE as against its previous close of ₹1,021.45. The stock gained as much as 4% to the day’s high of ₹1,065.45, in reaction to its December 2024 earnings. However, following the report of the cancellation of the project, the stock dipped 5.6% from the day’s high to ₹1,008.
According to a report in Daily FT, Sri Lanka’s leading business newspaper, the Cabinet, led by President Anura Kumara Dissanayake, reversed the decision to give a contract for building wind power plants in Mannar and Pooneryn to Adani Green Energy SL Ltd. This decision, made in June last year and sanctioned by Dissanayake’s predecessor, Ranil Wickremesinghe, involved a 484 MW wind power project.
During his election campaign, the current President promised to cancel the deal and invite international tenders to develop wind power in Sri Lanka. Following through on this promise, the Cabinet decided on December 30 to revoke the previous cabinet decision made in May 2024, which had approved the Adani Green Energy project.
However, Adani Group refuted the report as false and misleading.
“Reports that Adani’s 484 MW wind power projects in Mannar and Pooneryn have been cancelled are false and misleading. We categorically state that the project has not been cancelled. The Sri Lankan Cabinet’s decision of 2 Jan 2025 to reevaluate the tariff approved in May 2024 is part of a standard review process, particularly with a new government, to ensure that the terms align with their current priorities and energy policies. Adani remains committed to investing $1 billion in Sri Lanka’s green energy sector, driving renewable energy and economic growth,” a spokesperson said.
Adani Green Q3 Results
The company post market hours on Thursday also released its financial results for Q3 FY25. Its consolidated revenue from operations increased by 2.33% YoY to ₹2,365 crore from ₹2,311 crore.
Meanwhile, its profit after tax (PAT) surged 85% YoY to ₹474 crore from ₹256 crore in Q3 FY24.
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