Shares of Adani Power Ltd surged during the trading session on Tuesday after a resolution plan submitted by the Adani Group firm was approved by the committee of creditors of Vidarbha Industries Power (VIPL), which is undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) 2016.
On the back of heavy trading volumes, shares of Adani Power surged 9.48 per cent to Rs 514.75 on Tuesday, with its total market capitalization close to Rs 2 lakh crore. The stock had settled 470.15 in the previous trading session on Monday. Despite today’s recovery, the stock is down nearly 45 per cent from its 52-week highs.
In this regard, Adani Power has received a letter of intent (LOI) from the resolution…
