Adani Group stocks plunge up to 20% amid US bribery allegations
Adani Group stocks tumbled on Thursday, with losses of up to 20%, following U.S. charges against Gautam Adani and seven others in an alleged multibillion-dollar bribery and fraud scheme.
Prosecutors accused the group of bribing Indian officials to secure solar energy contracts. Adani Energy Solutions suffered the steepest decline, plunging 20%. Adani Green Energy dropped 18%, while Adani Total Gas and Adani Power slid 13-14%.
Other group stocks, including Adani Enterprises, Ambuja Cements, ACC, and Adani Ports, hit their 10% lower circuit limits. NDTV fell 11%, Adani Wilmar dropped 8%, and Sanghi Industries slid 6%. Dollar bonds also reacted sharply. Adani Green Energy’s March-issued bonds declined by 15 cents, a record drop.
Bonds from other group entities, including Adani Electricity Mumbai's February 2030 notes, fell 8.2 cents. The declines mark the most significant sell-off since the 2023 Hindenburg Research report that wiped $150 billion from the group’s market value.
Prosecutors accused the group of bribing Indian officials to secure solar energy contracts. Adani Energy Solutions suffered the steepest decline, plunging 20%. Adani Green Energy dropped 18%, while Adani Total Gas and Adani Power slid 13-14%.
Other group stocks, including Adani Enterprises, Ambuja Cements, ACC, and Adani Ports, hit their 10% lower circuit limits. NDTV fell 11%, Adani Wilmar dropped 8%, and Sanghi Industries slid 6%. Dollar bonds also reacted sharply. Adani Green Energy’s March-issued bonds declined by 15 cents, a record drop.
Bonds from other group entities, including Adani Electricity Mumbai's February 2030 notes, fell 8.2 cents. The declines mark the most significant sell-off since the 2023 Hindenburg Research report that wiped $150 billion from the group’s market value.