Adani Green sees a 565% stock rally: A $23 bn firm with no analyst coverage

With a free float of about 21%, Adani Green is one of the most illiquid stocks in the Nifty 100 gauge, data showed

Adani Green Energy Ltd., a unit of one of India’s largest conglomerates, is the best performer this year among the nation’s top 100 stocks. It is also the only one in that cohort without a single analyst rating.

Shares of Adani Green have jumped 565% in 2020 versus a gain of just 10% for the National Stock Exchange’s Nifty 100 Index. The rally helped the company recently win entry to the MSCI India Index.

While the stock’s surge may not come as a huge surprise given the heightened global popularity of sustainable assets such as renewable energy stocks amid the