Adani Power shares decline nearly 3% after company announces changes to senior management

Shares of billionaire Gautam Adani-backed Adani Power fell as much as 2.76% to hit an intraday low of ₹151.30 on the National Stock Exchange (NSE) on Wednesday, March 18, after the company post market hours on Tuesday informed exchanges that it has made changes to its senior management. On the BSE, Adani Power shares declined as much as 2.73%.

Adani Power informed exchanges that its company secretary and compliance officer Deepak S Pandya will cease to be the company secretary of the company with effect from March 31, 2025 as he will be superannuating from the services of the company.

Company has meanwhile appointed Puneet Bansal as the company secretary and compliance officer with effect from April 1, 2026.

"Puneet Bansal is a seasoned Company Secretary and Legal Professional with over three decades of rich and diverse experience in the areas of Corporate Governance, Organisational Restructuring, M&A and Enterprises Risk Management. He is also passionate about ESG practices. He joined Adani Group in 2021 as the Group Head – Governance & Secretarial and has been overseeing the governance function of diverse set of listed and unlisted entities of the conglomerate," Adani Power said.

"Prior to Adani, Puneet has worked with Pidilite Industries, Grasim Industries, KPIT Infosystems and RP Goenka Group, as Company Secretary and/or General Counsel. Over his multi decadal career, he has worked across multiple sectors and has spearheaded governance and secretarial practices, complex domestic and cross-border M&A transactions, high-stakes litigations and arbitrations," the company added.

Adani Power earlier this week said that it won an award Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 1,600 long term supply of 1,600 MW thermal power for a period of 25 years with first year's quoted tariff of ₹5.30/kWh.

"The LoA follows Adani Power’s success in a highly competitive bidding process, where the company emerged as the lowest-tariff bidder, offering power at a combined tariff of Rs 5.30/kWh. The supply of power under the proposed 25-year Power Supply Agreement (PSA) is scheduled to commence from the financial year 2030-31," Adani Power said.

As of 11:46 am, Adani Power shares traded 1.81% lower at ₹152.88, underperforming the NIFTY50 index which was up nearly 1%.