Adani Group Stocks Crash Upto 20% As Gautam Adani Faces Fraud Allegations In US

New Delhi: Several shares of the Adani Group, including its flagship company Adani Enterprises, faced massive sell-offs on Thursday, November 21. The stocks plunged after reports surfaced of Gautam Adani, the group’s chairman, being indicted in New York for his alleged involvement in a multibillion-dollar bribery and fraud scheme.

According to a Reuters report, US authorities accused Adani and seven others, including his nephew Sagar Adani, of paying bribes worth $265 million to Indian government officials. The bribes were allegedly made to secure solar energy contracts that could generate $2 billion in profits over 20 years.

Adani Stocks Hit Lower Circuits

The allegations triggered a sharp sell-off in Adani Group shares during early trading.

Adani Energy Share Price

Adani Energy Solutions fell by 20 per cent, hitting its lower circuit at Rs 697.70 on the BSE in the early trade.

Adani Enterprises Share Price

Adani Enterprises and Adani Ports and Special Economic Zone hit their 10 per cent lower circuits at Rs 2,538.20 and Rs 1,160.15, respectively.

Adani Total Gas Share Price

Adani Total Gas also suffered a significant blow, declining by 18 per cent.

Impact On Indian Stock Market

The sharp decline in Adani Group stocks has added pressure on the broader market sentiment. Investors remain cautious amid the escalating legal troubles for the conglomerate, which has already been under scrutiny following earlier controversies.

Stock Market Today

The Indian equity market opened mixed today. However, both the Indian indices go into negative territory soon. While writing the article, the BSE Sensex is down by 546.35 points to trade at 77,032.03. On the other hand, NSE Nifty is trading 194.25 points below at 23,324.25.

What Adani Group Said In A Statement?

Adani Green Energy said in an exchange filing, “The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani. The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings.”

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)