Overview

• The 1:5 stock split took effect on Sept. 22, with Adani Power soaring about 18–20% on an adjusted basis and hitting the 20% upper circuit.
• Shares eased up to nearly 6% intraday on Sept. 23 after the two-session surge, reflecting profit-taking following the technical reprice.
• Exchanges sought explanations for unusual price and volume, and the company said the moves were market driven with no undisclosed developments.
• Adani Group companies added roughly Rs 1.78–1.8 lakh crore in market value over two sessions, aided by SEBI’s partial clearance of Hindenburg-linked allegations and bullish broker notes.
• Block trades included GQG Partners selling about 35 million Adani Power shares last week, with SBI Mutual Fund and Citadel among buyers, while demat credits from the split may take up to two working days to reflect.