Adani investors shattered: 11 group stocks plunge; Adani Enterprises falls up to 23%

Adani group stocks in Thursday's trade bleeded after the company's Founder and Chairman of Adani Group - Gautam Adani is among the eight individuals who have been indicted of bribery and fraud scheme by the US court.

Of the  Adani group 11 stocks, all traded with sharp weakness with losses up to 20 per cent. Amid the development, Adani Energy Solutions was the worst hit and was last locked in 20 per cent lower circuit.

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

The other stocks that hit lower circuit were Ambuja Cement, Adani Enterprises and Adani Ports and SEZ, locked in 10 per cent lower circuit each.

Other stocks including Adani Green Energy and Adani Total Gas were down up to 19 per cent, each. Similarly, other stocks from his stable including Sanghi Industries (down 7 per cent), ACC (down 12 per cent), Adani Wilmar (down 9 per cent), NDTV (down 12 per cent) and Adani Power (down 14) traded with deep cuts of up to 19 per cent.

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.

Also, amid the development, the conglomerate's bonds took a big hit and tumbled sharply by as much as 10 per cent.

Meanwhile, according to Zee Business citing a Bloomberg report, Adani Enterprises has cancelled its plans to raise funds to the tune of $60 crore after allegations by the US Federal court.

Nonetheless, claiming the allegations as baseless-The Spokesperson of Adani Group states that 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. As stated by the US Department of Justice itself, "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty." All possible legal recourse will be sought. The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.   — Spokesperson, Adani Group