Adani Group Stocks Decline for Second Day Following US Bribery Allegations
Varahi media.com online news, November 23,2024: Shares of most Adani Group companies continued to trade lower for the second consecutive day on Friday after
Varahi media.com online news, November 23,2024: Shares of most Adani Group companies continued to trade lower for the second consecutive day on Friday after US prosecutors accused billionaire Gautam Adani of being involved in a scheme to pay a $265 million (approximately ₹2,200 crore) bribe to Indian officials for favorable solar power contracts.
Out of ten listed Adani Group firms, eight saw declines during the morning trade. Adani Green Energy plunged 10.95%, and Adani Energy Solutions tumbled 8.57%, both hitting their 52-week lows at ₹637.85 on the BSE. Flagship company Adani Enterprises dropped 6.98%, reaching its 52-week low of ₹2,030.
Other group companies also faced significant losses:
Adani Power fell 6.38%
Adani Total Gas dropped 6.11%
Adani Ports declined 5.31%
Adani Wilmar plunged 5.17% to a one-year low of ₹279.20
NDTV dipped 3.41%
However, ACC and Ambuja Cements bucked the trend, trading over 2% higher despite initial losses in early trade.
In broader market performance, the BSE Sensex gained 781.02 points to reach 77,936.81, and the NSE Nifty rose by 228.90 points to 23,578.80.
The selloff in Adani Group stocks intensified after a sharp decline on Thursday, where major group companies experienced steep losses. Adani Enterprises fell 22.61%, Adani Energy Solutions 20%, Adani Green Energy 18.80%, and Adani Ports 13.53%. Ambuja Cements and Adani Total Gas also dropped 11.98% and 10.40%, respectively.
Smaller declines were seen in Adani Wilmar (-9.98%), Adani Power (-9.15%), ACC (-7.29%), and NDTV (-0.06%) during Thursday’s session.
The Adani Group has denied the allegations, calling them baseless. In a statement, the conglomerate asserted that it complies with all legal requirements and will pursue all available legal options.
“The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” said a spokesperson for the Adani Group.
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