GE Vernova Share Price Falls 3% Despite Securing 6,000 MW HVDC Project; US Election Trends And AI Concerns Put Stock Under Pressure

Shares of GE Vernova T&D India Limited fell around 3% on Wednesday after the stock touched an intraday low of ₹3,905 on the Bombay Stock Exchange (BSE). The decline came even after the company received the official Letter of Award (LoA) from Power Grid Corporation of India for a transmission project connecting Barmer II in Rajasthan with South Kalamb.

The company had emerged as the lowest bidder for the project, as disclosed in an earlier regulatory filing. The project involves a 6,000 megawatt (MW) transmission link designed to carry renewable energy from Rajasthan to regions with high power demand.

On 4 November 2026 at 10:08 am, the GE Vernova share price was trading 2.36% up, at ₹4,139.50 on the BSE. The stock opened at ₹4,075 against the previous close of ₹4,044. The intraday high was at ₹4,149.50 during the early trade. The year-to-date (YTD) gain of GE Vernova shares had narrowed to 23%.

GE Vernova 6,000 MW Project: Key Details

The project includes two converter stations, each with a capacity of 3,000 MW. It will use line-commutated converter (LCC) technology and a ±800 kilovolt (kV) high-voltage direct current (HVDC) system.

The company will handle the entire project from design and supply to execution. The filing does not list a completion date, although the work is expected to take place over multiple years.

The Barmer II-South Kalamb transmission corridor was approved by the National Committee on Transmission in May 2025. It is intended to move renewable power from Rajasthan, a major generation hub, to areas with higher electricity demand.

Why Did GE Vernova Shares Fall Despite The Order Win?

The decline came amid a wider sell-off in the global artificial intelligence (AI) stocks trade. Early trends from the US midterm elections indicated that Democrats could gain control of both the House and Senate. This raised concerns about the outlook for AI infrastructure spending in the US.

Analysts at Societe Generale had warned that a Democrat sweep could affect the country's AI buildout. GE Vernova is a key contributor to this infrastructure expansion. Nasdaq futures were also down nearly 600 points amid the market reaction.

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