PSP Projects' stock price experienced a significant drop of over 9% on November 21. This decline occurred shortly after the announcement that Adani Infrastructure, a part of the Adani Group, would be acquiring a 30.07% stake in the company.
The stock fell to an intraday low of Rs 609 on the NSE, reflecting the market's reaction to the news. PSP Projects shares were trading at Rs 620, down 7.74% as of around 10 am.
This decline in share price is happening amidst increased scrutiny and market volatility following allegations of a bribery scheme linked to solar energy contracts in India, which has led to charges against billionaire Gautam Adani by US prosecutors.