Adani Power shares fell 4.5 percent in the morning trade on April 15 after global research house CLSA retained sell call on the stock despite the power regulator allowed higher tariff for Mundra unit. The reasons behind maintaining sell call are elevated leverage and its expensive valuation of the stock.
The brokerage, however, raised price target to Rs 39 from Rs 23 earlier, implying 26 percent potential downside from current levels.
The stock has rallied 15 percent in last 15 days. It was quoting at Rs 52.15, down Rs 0.80, or 1.51 percent on the BSE. Read More