Adani group stocks nosedive: Buy or Sell? Here's what Anil Singhvi says
Adani group stocks faced heavy drubbing during the early trade on Thursday as Gautam Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The worst-hit stocks were Adani Energy and Adani Enterprises as they tumbled 20 per cent.
Meanwhile, a spokesperson for 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 have been 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 that is fully compliant with all laws.
Anil Singhvi's view
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