Adani Group stocks fall by up to 20% after Gautam Adani indicted in US on bribery charges
In the wake of the indictment, the conglomerate cancelled its bond offering of $600 million, or Rs 5,066.5 crore.
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Shares of Adani Group companies suffered losses of up to 20% on Thursday morning after the conglomerate’s chairperson Gautam Adani was indicted in the United States for his alleged role in a multibillion-dollar bribery and fraud scheme.
At 11.40 am, the shares of the group’s flagship company Adani Enterprises fell by 20.61% on the Bombay Stock Exchange and was trading at Rs 2,238.95. Shares of Adani Energy Solutions too fell by 20% to Rs 697.70, while those of Adani Ports and Special Economic Zone fell by 16.26% to Rs 1,079.50.
Among other Adani Group companies, Adani Power was down by 11.03% and Adani Total Gas fell by 13.13% on the Bombay Stock Exchange as of 11.40 am.
Stock markets as a whole also suffered losses, with the benchmark BSE Sensex down by 0.63% at 77,099.13, and the NSE Nifty down by 0.74% at 23,344.55.
In the wake of indictments of Gautam Adani and his nephew Sagar Adani in the United States, the Adani Group cancelled its bond offering of $600 million, or Rs 5,066.5 crore, The Indian Express reported.
Bonds are loans from an investor to a borrower, usually a company or a government. Through a bond offering, a company issues bonds to raise money from investors, usually to finance certain projects or operations.
Adani Green Energy had planned to use funds...
