Adani Group Stocks Crash Up to 20 Percent
The public prosecutor in New York has accused Adani Group chairman Gautam Adani of paying a bribe of ₹2,000 crore. This news has significantly impacted the Indian stock market, leading to a sharp decline in major indices such as Sensex and Nifty. Adani Group stocks, in particular, experienced steep losses, with some falling by nearly 20 percent.
Gautam Adani and his nephew, Sagar Adani, along with seven others, are accused of offering bribes worth ₹2,029 crore ($265 million) to Indian government officials to secure contracts for solar power supply. The allegations also include causing financial losses to American investors.
As soon as the markets opened, Adani Enterprises, the flagship company of the Adani Group, saw its shares plummet by 20 percent. Other group companies also witnessed heavy declines:
- Adani Green Energy: Down 19.17%
- Adani Total Gas: Down 18.14%
- Adani Power: Down 17.79%
- Adani Ports: Down 15%
- Ambuja Cements: Down 14.99%
- ACC: Down 14.54%
- NDTV: Down 14.37%
- Adani Wilmar: Down 10%
Overall, 11 Adani Group stocks were affected, resulting in a market value loss of ₹2 lakh crore. This marks the group’s worst performance since the release of the Hindenburg Report in January 2023.
