Adani Power Shares Drop 46% From Highs, Experts Predict Potential 24% Return Amid Market Volatility on March 4

Adani Power shares have fallen approximately 46% from their highest level, which was ₹895.85 on June 3, 2024. Despite this downturn, experts believe there's potential for a 24% return from the current level. On March 4, the stock closed at ₹483.40, showing a slight gain of 0.08%. Brokerage firm ICICI Securities has set a target of ₹600 for Adani Power, citing potential gains from existing levels. The firm notes that Adani Power's legal disputes related to power purchase agreements have largely been settled, potentially driving future growth. The stock faces strong support at ₹470, with resistance expected at ₹500. A break above this level could lead to ₹500 in the short term and ₹600 in the long term. The company's market cap has decreased to ₹186,444 crore, with a face value of ₹10 per share.