Adani Power's shares began trading ex-split on Monday, September 22, 2025, implementing a 1:5 stock split to enhance affordability and liquidity. The company's stock was in focus as the record date, September 22, 2025, determined shareholders' eligibility for the split.

Details of the Stock Split

The board of directors approved the subdivision of each existing share with a face value of ₹10 into five shares with a face value of ₹2. This is Adani Power's first-ever stock split. The aim is to make the stock more accessible to retail investors and potentially boost trading activity. As a result, Adani Power's 385.69 crore equity shares expanded to 1,928 crore shares. Similarly, the company's authorized share capital also adjusted to reflect the change.

For example, if an investor held 100 shares of ₹10 each, they now hold 500 shares of ₹2 each. While the number of shares increases, the overall value of the investment remains the same.

Impact on Share Price and Valuation

Theoretically, Adani Power's share price adjusted to ₹141.81 from Friday's closing price of ₹709.05. However, during the trading session on Monday, September 22, 2025, Adani Power shares actually increased around 19 percent to ₹167.15 per share compared to the adjusted previous closing price of ₹141.80.

Although the stock split does not alter the company's fundamentals or market capitalization, it influences valuation measures and trading behavior. By increasing the number of outstanding shares and reducing the price per share, the company aimed to improve the stock's liquidity and make it more attractive to a broader range of investors.

Stock Split vs. Bonus Issue

A stock split should not be confused with a bonus issue. In a stock split, existing shares are divided into smaller units, whereas a bonus issue rewards shareholders with additional shares from the company's accumulated earnings while keeping the face value unchanged.

Market Response and Analyst Views

On Friday, before the ex-split date, Adani Power's shares closed 12.4% higher at ₹709.05 on the BSE. Adani Power shares rallied as much as 13.42 percent to close at ₹716.10 apiece.

Riyank Arora, a technical analyst at Mehta Equities Ltd., noted that Adani Power was consolidating after a sharp up-move, with strong support at ₹660. Sustaining above this level keeps the trend positive, and a breakout above ₹690 could open targets of ₹710-720. Arora suggested a buy-on-dips approach as long as ₹660 holds.

Morgan Stanley has given an "overweight" rating on Adani Power, with a target price of Rs 818, suggesting a potential upside of 29 percent.