A decision by the Supreme Court to disallow compensatory tariff jolted Adani Power and Tata Power shares on Tuesday.
The Adani Power Ltd shares dipped by 16.12 per cent to Rs.37.20 at the Bombay Stock Exchange (BSE), while, the Tata Power Ltd, shares slumped nearly 2 per cent to Rs.85.40.
The shares of both the power companies slumped to the red zone after the Supreme Court on Tuesday overruled the Appellate Tribunal for Electricity (APTEL) order of compensatory tariff to Adani Power and Tata Power.
On April 2016, the tribunal had said that these companies be granted compensatory tariff after coal import by them increased due to change in Indonesian law and regulations.