Adani Power :- Put - LTP - 1. 30/Strike Price - 52. 50/ expiry Aug, now when I trade the price compare with normal equity market or future market expiry august?

All futures and option contracts on the expiry day is settled based on the underlying price (equity or stock price). But until expiry (the last day), equity market prices follow the future prices, so yeah the best thing to do is

Until the last few hours of expiry, track the futures price.

After say 1pm on the last thursday of the month, start tracking the equity price.