Adani stocks in focus after group clarifies on bribery charges against Gautam Adani, nephew in US indictment
Adani Group stocks will be in focus on Thursday after the conglomerate clarified on Wednesday that its executives, including Gautam Adani and his nephew Sagar Adani, have not been indicted on bribery charges by US authorities. The group noted that the US actions have caused «significant repercussions including… international project cancellations, financial market impact and sudden examination from strategic partners, investors, and the public».
Adani Green Energy Ltd said group founder chairman Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain have not been charged with violations of the US Foreign Corrupt Practices Act (FCPA) over bribery, nor is the civil complaint filed by the US Securities and Exchange Commission (SEC) based on this. Instead, they have been charged on three counts in the criminal indictment-alleged securities fraud conspiracy, wire fraud conspiracy and securities fraud, the company said in the Adani Group statement that was issued on Wednesday.
The corruption matter only applies to Azure Power and CDPQ executives, according to the Adani Group.
Market Capitalisation
The group said $55 billion had been wiped out from the market cap of its listed units after the US indictment was made public. After the clarification, some of its stocks rose as much as 20%, lifting Adani Group market capitalisation by Rs 1.22 lakh crore on Wednesday. «Adani Group is India's largest infrastructure player with sizeable operations in the global energy and logistics space… expanding its
