India?s top court stops Adani Power from charging higher prices| Reuters

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By Sudarshan Varadhan and Suchitra Mohanty | NEW DELHI NEW DELHI India's top court ruled on Tuesday that Adani Power Ltd (ADAN.NS) can**t charge its customers more to cover a surge in the cost of imported coal, overturning a decision by a power regulator in December.The ruling sent Adani Power's shares down as much as 20 percent on Tuesday, its biggest intra-day loss since it went public in 2009.The court did, however, allow the utility to claim relief for the higher costs, which resulted from a shortage in domestic supplies at state-run Coal India Ltd (COAL.NS). Both Adani Power and competitor Tata Power (TTPW.NS) - which was also party to the ruling although it was **t mentioned directly in it - struck long-term deals in the middle of the last decade with distribution companies to supply power from plants they each operate in Prime Minister Narendra Modi's home state of Gujarat.The companies also struck deals with domestic and foreign miners in the latter part of the last decade to fuel their plants in Gujarat, which each have over 4,000 megawatt (MW) of capacity. LENGTHY LEGAL BATTLE In 2010, Indonesia adopted new benchmark coal prices leading to an increase in the price of coal imported from the country.Adani and Tata appealed for relief, arguing that they had to be compensated for an unforeseen change in eco**mic conditions which made the terms of the deal with distribution companies unviable

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