Ambuja, ACC stocks plunge after Gautam Adani's US indictments

22 Nov 2024 CW Team

Adani group stocks saw a significant decline during Thursday morning trade, with the combined market valuation of all the listed companies dropping by Rs 2.45 trillion This came after US prosecutors charged billionaire Gautam Adani in connection with an alleged years-long scheme to pay $250 million in bribes to Indian officials in exchange for favourable terms on solar power contracts.

The stock of Adani's flagship company, Adani Enterprises, fell by 22.99 per cent, while Adani Ports dropped 20 per cent, Adani Energy Solutions decreased by 20 per cent, Adani Green Energy fell 19.53 per cent, and Adani Total Gas tumbled 18.14 per cent on the Bombay Stock Exchange.

Other group companies also experienced steep declines, with shares of Adani Power dropping 17.79 per cent, Ambuja Cements falling 17.59 per cent, ACC slipping 14.54 per cent, NDTV decreasing by 14.37 per cent, and Adani Wilmar dropping 10 per cent. Some of these firms also hit their lowest trading permissible limits for the day.

US prosecutors have charged Adani, his 62-year-old nephew Sagar, and other defendants for allegedly paying over $250 million in bribes between 2020 and 2024 to Indian government officials. These bribes were allegedly paid to secure solar energy contracts that could potentially bring in over $2 billion in profit. The bribes were said to have been concealed from US banks and investors who had financed the Adani group’s projects. US law permits the pursuit of foreign corruption cases if there are links to American investors or markets.

Breon Peace, the US Attorney for the Eastern District of New York, stated that the defendants had orchestrated an elaborate scheme to bribe Indian government officials in order to secure contracts worth billions of dollars.

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