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.

Infrastructure Urban

07 Jul 2025

Godrej Chemicals to Invest Over Rs 7.50 Bn for Capacity Expansion

Godrej Industries’ Chemical Business today announced significant capacity expansions in sync with the company’s growth plan to become a $1 Billion global business before 2030. With a total capital outlay for expansions to exceed Rs 7.50 billion over the next few years, the company has already kicked off several projects.The company announced doubling of its Fatty Alcohol and Euric Acid capacities with an addition of 35,000 tonne per annum and 20,000 tonne per annum respectively. It has tripled its specialities capacity with an addition of 21,000 tons per annum while the glycerine capacity ..

Tata Power Renewables Hits 45,500 Rooftop Installs, 220 MW in Q1

Tata Power Renewable Energy (TPREL), a subsidiary of The Tata Power Company (Tata Power), India’s No. 1 Rooftop Solar Company, has delivered a record breaking performance in Q1 FY26, reinforcing its market leadership in rooftop solar. TPREL has achieved an unprecedented 45,589 rooftop solar installations in Q1 FY26, marking a staggering 416 per cent year-on-year growth compared to 8,838 installations in Q1 FY25. This milestone highlights Tata Power’s unwavering commitment to driving India’s clean energy transition.The Q1 FY26 installations propelled TPREL to a nationwide total of 2,04,44..

Blue Cloud Launches AI-based BluHealth and Expands Global Health Reach

Blue Cloud Softech Solutions, a global leader in Cybersecurity and technology solutions, has launched its BluHealth Platform v2.0 healthcare platform, transforming from a proof-of-concept to an AI-integrated, enterprise- grade solution for large-scale healthcare delivery.The BluHealth Platform features AI-powered clinical decision support, instant medical interpretations, and intelligent care routing, along with non-invasive HbA1c testing, 60- second facial scan screenings powered by the BluHealth Scanner, and rugged, field-ready hardware enabled by the BluHealth Screener. Fully interoperable,..

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

Godrej Chemicals to Invest Over Rs 7.50 Bn for Capacity Expansion

Tata Power Renewables Hits 45,500 Rooftop Installs, 220 MW in Q1

Blue Cloud Launches AI-based BluHealth and Expands Global Health Reach

Latest Updates

Advertisement

Recommended for you

Advertisement

Subscribe to Our Newsletter

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address