Adani Energy QIP, July 28 -- Adani Energy Solutions share price declined over 3% on Tuesday, July 28, after the Adani Group company formally launched its Qualified Institutional Placement (QIP) to raise Rs.3,500 crore. It also holds an option to upsize the issue as per investor demand, according to the information on the exchanges. This marks the next stage of its planned fundraising exercise after receiving approvals from both its board and shareholders.

The stock fell as much as 3.4% to its day's low of Rs.1,644.60 per share on BSE. The scrip has gained around 11% in 1 month, 16% in 3 months, 89% in 6 months and has given multibagger returns, surging 104.5% in the last 1 year.

The company is authorised to raise up to Rs.10,000 crore t...