Adani Group stocks drop over 4% as US SEC seeks India’s help in probe
Adani Group stocks tumbled in early trading on Wednesday, with shares of Adani Enterprises dropping as much as 4.3%, following reports that the US Securities and Exchange Commission (SEC) sought assistance from Indian authorities in its probe into the conglomerate’s founder, Gautam Adani, and his nephew, Sagar Adani, over alleged securities fraud and a Rs 2,300 crore bribery scheme.
The SEC informed a US district court on Tuesday that its efforts to serve legal complaints to the Adanis were ongoing and that it was working with India’s Ministry of Law and Justice for assistance, Reuters reported. This development triggered fresh concerns among investors, leading to a broad sell-off across Adani Group stocks at the market open.
Adani Enterprises, the flagship company of the group, slumped 4.3% to Rs 2,123.95, bringing its total market capitalization to Rs 2.5 lakh crore. Adani Green Energy, which allegedly benefited from the bribery scheme, dropped 4.3% to Rs 860, while Adani Ports & Special Economic Zone declined 2.6% to Rs 1,055.25.
Other Adani stocks also faced losses, with Adani Power falling 2.5% to Rs 472.50, Adani Total Gas slipping 2.5% to Rs 564.85, and Adani Wilmar shedding 2.5% to Rs 250.
The fresh probe-related jitters follow an earlier U.S. indictment accusing the Adani Group of bribing Indian officials to secure favorable electricity deals for Adani Green Energy and misleading American investors about its anti-corruption measures. The conglomerate has denied the allegations, calling them 'baseless'
