Adani stocks crash on U.S. action on alleged bribery and fraud
The Hindu
Stocks of Gautam Adani’s seven listed companies on the bourses crashed on open after the New York Eastern district court indicted Gautam Adani, Sagar Adani, Vineet S. Jain and their associates and bribery and securities fraud on November 21, 2024
Stocks of Gautam Adani’s seven listed companies on the bourses crashed on open after the New York Eastern district court indicted Gautam Adani, Sagar Adani, Vineet S. Jain and their associates and bribery and securities fraud on Thursday (November 21, 2024).
Also read | U.S. court issues arrest warrant for Gautam Adani: report
Adani Energy Solutionns fell 20% to ₹687.5 apiece the most on Thursday’s open. Adani Enterprises crashed 10% opening at ₹2539.35 a share on Thursday. Adani Ports and Special Economic Zones crashed 10% to ₹1670 per stock. Adani Power Limited stocks fell nealry 11% to ₹467.4 apiece.
Adani Green Energy fell 16% to ₹1184.25 a share and Adani Total Gas dipped 12% to ₹589.9 per share.
The apple to airports conglomerate’s FMCG stock Adani Wilmar too took a beating opening ₹310, 8% below previous close.
Equity benchmark indices Sensex and Nifty tumbled in early trade on Thursday amid sharp fall in Adani group stocks and unabated foreign fund outflows. The BSE benchmark Sensex tumbled 468.17 points to 77,110.21 in early trade. The NSE Nifty declined 179.75 points to 23,338.75.
From the 30-share Sensex pack, Adani Ports tumbled 10% as billionaire Gautam Adani has been charged by U.S. prosecutors over his role in an alleged years-long scheme to pay $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.
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