Gautam Adani indicted in US Live Updates: Adani Group stocks recover up to 6% day after US bribery charges – The Times of India

Adani Group companies faced their worst trading day since the Hindenburg crisis in early 2023, with the conglomerate’s market value plummeting by Rs 2.2 lakh crore on Thursday following bribery charges filed by the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) against chairman Gautam Adani and several associated entities.

The market cap loss on Thursday compares to a Rs 3.2 lakh crore drop in January 2023, after Hindenburg Research’s allegations of corporate wrongdoing. The latest development also resulted in Gautam Adani losing $12.1 billion (approximately Rs 1 lakh crore), leaving his net worth at nearly $58 billion, according to Forbes data. Adani now ranks as the 25th richest billionaire globally, with Mukesh Ambani of Reliance Industries being the wealthiest Indian at $96.5 billion.

Among the hardest-hit companies, Adani Enterprises saw a 23% drop in stock price, eroding its market value by Rs 73,600 crore. Adani Green Energy also suffered a 19% decline, losing around Rs 42,000 crore. Other companies, including Adani Energy Solutions, Adani Ports, and Adani Wilmar, saw significant losses, with stocks falling by the maximum permissible limits.

At a media event, a Goldman Sachs analyst stated that the US investigations and indictments were damaging for investor sentiment. The Adani Group’s challenges, combined with geopolitical tensions in Europe, contributed to a wider market downturn, with the Sensex closing at 77,156 points, down 423 points, and Nifty at 23,350 points, down 169 points.

Foreign portfolio investors led the sell-off, recording a net outflow of Rs 5,321 crore, while domestic funds continued to buy stocks, with a net inflow of Rs 4,200 crore. The market is expected to remain volatile, driven by global uncertainties and domestic election outcomes.