Green Energy Stocks Take a Hit as Share Market Dips Amid Election Result Announcements
Adani Green Energy recorded a steep decline in renewable energy stocks, with the stock opening at INR 2,029, before closing at INR 1,646.
June 04, 2024. By Abha Rustagi
Exit polls over the weekend had indicated that the National Democratic Alliance (NDA) led by Modi would secure a clear majority. This prompted a record-high surge in the stock market on Monday, as investors anticipated continued economic growth under a stable government.
The actual election results, however, turned out to be a major upset compared to expectations. This was reflected across different sectors with stocks in the green sector also seeing significant declines.
Adani Green Energy recorded a steep decline in renewable energy stocks, with the stock opening at INR 2,029, before closing at INR 1,646. Meanwhile, Suzlon Energy Ltd, also suffered, with the stock hitting the lower circuit early in the day. It opened at INR 52.10 and ended at INR 47.50. Similarly, energy stock JSW Energy, closed at INR 553, as opposed to opening at INR 661.
As society recognises the drastic need to reduce carbon emissions, investor interest has started to show signs of growth in favour of renewable energy with the hope that it will drive sustainable development. The changes in government thrust a cloud of uncertainty in the share market and have prompted investors to re-think their strategies.
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