Adani Stocks Crash 20% Amidst US Bribery Charges

21 Nov 2024 , 02:59 PM

After billionaire Gautam Adani and seven other individuals were charged in the US with a multibillion-dollar bribery and fraud plot, stocks of Adani Group firms dropped as much as 20% on Thursday. The group allegedly paid Indian officials to obtain solar energy contracts, according to the charges that prosecutors announced on Wednesday.

Adani Energy Solutions’ stock suffered the most, plunging 20%. Adani Green’s stock was down almost 18%, while Adani Power and Adani Total Gas were down 13–14%. Conversely, 10% lower circuit restrictions were locked in for Adani Enterprises, Ambuja Cements, ACC, and Adani Ports. Adani Wilmar’s stock dropped 8%, NDTV’s stock dropped 11%, and the newly-acquired Sanghi Industries fell 6%.

On Wednesday, Adani revealed a green energy investment. The announcement was made as the head of the corporation congratulated Donald Trump, the U.S. president-elect, on winning the election. According to a Reuters article, “Adani announced the investment while also congratulating U.S. President-elect Donald Trump on his election win.”

It should be mentioned that Trump has pledged to streamline rules for energy firms, facilitating their ability to drill on federal property and build pipelines.

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