Adani Green to Adani Ports: Adani group shares trade in the red. Here’s why
- Adani Enterprises and Adani Green Energy shares were the top losers among the Adani Group stocks. Adani Enterprises share price declined as much as 4.3%, while Adani Green Energy share price plunged 4.25%.
Adani group stocks, including the flagship Adani Enterprises, Adani Ports & SEZ, and Adani Green Energy, declined up to 4% in early trade on Wednesday.
Adani Enterprises and Adani Green Energy shares were the top losers among the Adani Group stocks. Adani Enterprises share price declined as much as 4.3%, while Adani Green Energy share price plunged 4.25%.
Adani Power shares fell 2.54%, Adani Ports share price dropped 2.63%, while Adani Energy Solutions, Adani Total Gas and Adani Wilmar shares declined 2.4% each.
The cement makers in Adani pack of stocks, Ambuja Cement shares and ACC shares, also fell around 2%.
The fall in Adani Group shares today comes after a report said that the US Securities and Exchange Commission has sought Indian authorities’ help in Adani fraud probe.
The U.S. Securities and Exchange Commission (SEC) has sought assistance from Indian authorities in its investigation into Adani Group founder Gautam Adani and his nephew, Sagar Adani, over alleged securities fraud and a $265 million bribery scheme, Reuters reported, citing a court filing.
According to the report, the SEC informed a New York district court that its attempts to serve its complaint to Gautam and Sagar Adani are ongoing. The agency is seeking support from India's Ministry of Law and Justice to facilitate the process.
Charges against Adani Group
Last year, US federal prosecutors unsealed an indictment accusing Adani of bribing Indian officials to secure the purchase of electricity generated by Adani Green Energy, a subsidiary of the Adani Group. The indictment further alleges that Adani misled U.S. investors by providing reassurances about the company’s anti-corruption measures.
The U.S. Department of Justice charged the Adani Group with allegedly orchestrating a scheme to pay over $250 million (approximately ₹2,100 crore) in bribes to Indian officials to obtain favorable terms for solar power contracts.
Adani Group has called the allegations “baseless” and vowed to seek “all possible legal recourse.”
Earlier this month, several US Congress members had written to the newly-appointed US Attorney General, urging an investigation into the previous DoJ’s indictment of Adani Group officials.
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