Adani Power Shares Hit Fresh High As First-Ever Stock Split Comes Into Effect
SEBI’s clean chit on the Hindenburg allegations and Morgan Stanley’s bullish outlook is supporting the rally.
Shares of Adani Power surged over 18% to hit a 52-week high in early trade on Monday as the shares began trading on an ex-split basis. This is the company’s first-ever stock split.
On September 5, Adani Power had approved a share split in a 1:5 ratio, in which each existing share of face value ₹10 will be divided into five shares of face value ₹2 each. The move is aimed at boosting liquidity and encouraging greater retail participation in the stock.
For example, if an investor held 10 shares of Adani Power at ₹10 each before the split, they would own 50 shares at ₹2 per share after the split came into effect. The investment amount remains the same.
On Friday, Adani Power’s shares closed at ₹709.40. After the split, the stock climbed to ₹168.8 on Monday.
The company has also been in the limelight for other reasons.
SEBI Clean Chit
On Thursday, SEBI cleared the Adani Group of allegations raised by US short-seller Hindenburg Research in January 2023, which had accused the conglomerate of stock manipulation, fund diversion, and accounting irregularities.
The regulator said the claims were unsubstantiated, noting that loans flagged in the report were fully repaid with interest before the probe began.
Adani Enterprises was up 3%, while Adani Ports climbed 1.2% higher.
Morgan Stanley Upbeat On Prospects
Morgan Stanley initiated coverage on Adani Power with an “overweight” rating and a target price of ₹818. It highlighted the company’s plan to expand capacity from 18,150 MW to 41.9 GW by FY32, potentially lifting its market share in thermal power to 15%.
The brokerage expects Adani Power’s EBITDA to triple by FY33, supported by new capacity, regulatory clarity, and better procurement and logistics.
Retail Watch
Retail sentiment for Adani Power has remained ‘bullish’ for a while, amid ‘high’ market chatter. It was ‘neutral’ a month back.
Before the stock split, Adani Power shares had gained more than 35% in 2025.
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