Adani stocks: 9 stocks still in red; down up to 11%

Adani stocks after the previous day's slump have continued to see selling pressure despite the group's denial on the US court allegations. In Friday's trade, of the 11 group stocks, nine stocks remained in the red, while the other four have shown recovery.

Leading the fall from the stable are stocks like Adani Green Energy (down up to 11 per cent), Adani Energy Solutions (down up to 9 per cent) and Adani Ports and SEZ (down up to 5 per cent).

However, the stocks from the pack like Ambuja Cement and ACC were up by up to 2 per cent, while NDTV and Sanghi Industries which were up in the early trade also lost their strength and trended in the red at the last count.

Reportedly after the previous day's steepest slump in Adani stocks after the Hindenburg saga, the Adani group spokesperson denied the allegations made by the US Department of Justice and the US Securities and Exchange Commission against Adani Green directors, terming them "baseless". The spokesperson also said that the group will seek "all possible legal recourse".

ALSO READ: Gautam Adani, other defendants allegedly paid $250 million in bribes to Indian government officials; Adani group says allegations baseless

Furthemore, consequent to the US court indictment, the Kenya government is also reported to have cancelled multimillion-dollar airport expansion and energy deals with Indian tycoon Gautam Adani after US bribery and fraud indictments against one of Asia's richest men.

President William Ruto in a state of the nation address said the decision was made “based on new information provided by our investigative agencies and partner nations.” He didn't specify the United States.

What actually has been Adani Group accused of?

According to Zee Business citing Bloomberg report Gautam Adani and other defendants allegedly paid Indian government officials over $250 million in bribes to obtain solar energy supply contracts worth over $2 billion in profits. Gautam Adani, his nephew Sagar Adani and Vneet Jaain, two executives in Adani Green Energy, are charged with misleading investors from the US and other foreign locations about their company’s compliance with antibribery and anticorruption practices when they were seeking capital to fund those energy contracts, according to American authorities.