Adani Group stocks go into a tailspin, crash up to 20% amid reports of US indictment on bribery charges | Stock Market News
Adani Group Stocks: Several Adani Group shares, including those of the flagship firm Adani Enterprises, suffered massive losses and hit their lower circuits in early trade on Thursday, November 21. This was after reports emerged that Gautam Adani had been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme.
According to a Reuters report, “US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain solar energy supply contracts expected to yield $2 billion of profit over 20 years.”
“Prosecutors also said the Adanis and another executive at Adani Green Energy, Vneet Jaain, raised more than $3 billion in loans and bonds for that company by concealing the corruption from lenders and investors,” the report added.
Mint could not verify this news independently. Meanwhile, there was no official communication on the BSE and NSE from the Adani Group regarding this till 9:30 am on Thursday.
Adani Energy Solutions stock hit its 20 per cent lower circuit of ₹697.70 on BSE. Similarly, shares of Adani Enterprises and Adani Ports and Special Economic Zone hit their 10 per cent lower circuits of ₹2,538.20 and ₹1,160.15, respectively, on BSE, while those of Adani Total Gas cracked 18 per cent.
