November 21, 2024
New Delhi, India
Adani Crash
Shares of Adani Group companies faced a sharp sell-off today, after the US Securities and Exchange Commission (SEC) and the Department of Justice announced bribery charges against Gautam Adani, Sagar Adani, and other executives. Adani Enterprises, the group’s flagship company, dropped by 22.61% to close at ₹2,182.55.
Key Allegations by the US SEC
- The SEC accused Adani Group of a $250 million bribery scheme to secure solar energy contracts at above-market rates from the Indian government.
- Allegations include misleading US investors about Adani Green’s anti-bribery compliance.
- The SEC seeks penalties, injunctions, and bans on Adani executives.
Impact on Adani Group Stocks
- Adani Enterprises: Down 22.61% to ₹2,182.55.
- Adani Green Energy: Fell 18.76%.
- Adani Energy Solutions: Dropped 20%.
- Adani Ports: Declined 13.53% to ₹1,114.70.
- Adani Power: Down 9.15% to ₹476.15.
- Ambuja Cements: Declined 11.98% to ₹483.75.
Bond Offering Cancelled
Amid the allegations, the Adani Group canceled its $600 million bond issuance. The company stated that proceeds from the bond sale were intended to repay foreign-currency loans.
Market Reaction
The allegations and stock sell-off dragged the Sensex down by 422 Poimts, while the Nifty fell by 168 points today.
Also Read: Stock Market Today November 21, 2024: Adani Controversy Weighs Heavy
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