Renew Energy (RNW) Loses 27% as Firm Pulls Out from Acquisition Plan

We recently published 10 Stocks Facing Selling Pressure Ahead of Christmas. ReNew Energy Global Plc (NASDAQ:RNW) is one of the biggest losers on Monday.

ReNew Energy nosedived by 27.15 percent on Monday to finish at $5.50 apiece as investors unloaded positions after Masdar, one of the largest renewable energy companies globally, pulled out from a $1 billion plan to take the former private.

In a statement over the weekend, Masdar said that it officially withdrew from a consortium that would have taken ReNew Energy Global Plc (NASDAQ:RNW) private.

As a result, ReNew Energy Global Plc (NASDAQ:RNW) said that the entire merger proposal would no longer push through.

The decision followed a year-long negotiation, which raised the supposed acquisition to $8.15 per share from the initial offer of $7.07 apiece.

Apart from Masdar, the consortium also included CPP Investments, ADIA (through Platinum Hawk), and ReNew’s own founder and CEO, Sumant Sinha.

ReNew Energy Global Plc (NASDAQ:RNW) has yet to announce its next steps following the withdrawal of the transaction.

While we acknowledge the potential of RNW as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.