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Adani Power Falls on Fresh Shorts in February Contract

  • Shares in Indian utility Adani Power Ltd were trading lower due to build-up of fresh short postions in February futures, derivative dealers said.Separately, RBS has downgraded Adani Power to 'sell' from 'hold' post its third quarter earnings and cut target price to Rs 68 from Rs 75.Oct-Dec quarter earnings were sharply lower than forecast, led by a sharp rise in fuel cost to Rs 2 per unit (up 72 percent on quarter) and delays in commissioning of units at the Mundra and Tiroda plants, RBS said in a note.At 12.13 p.m., Adani Power's futures contract price fell 8.54 percent to Rs 75.55, while shares were down 8.35 percent at Rs 75.25.

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