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Huge blow to Gautam Adani as he loses Rs 245000000000 crore in few hours due to warrant issued in USA.
Other group companies also faced steep losses: Adani Power declined 17.79%, Ambuja Cements fell 17.59%, ACC dropped 14.54%, NDTV was down 14.37%, and Adani Wilmar slid 10%.
Adani Group stocks saw a significant decline on Thursday morning, with the total market value of its listed companies dropping by Rs. 2.45 lakh crore. This followed allegations by US prosecutors that billionaire Gautam Adani was involved in a scheme to pay USD 250 million in bribes to Indian officials for favorable solar power contract terms.
The group’s main company, Adani Enterprises, fell by 22.99%, while Adani Ports and Adani Energy Solutions both dropped 20%. Adani Green Energy was down by 19.53%, and Adani Total Gas lost 18.14% on the BSE.
Other group companies also faced steep losses: Adani Power declined 17.79%, Ambuja Cements fell 17.59%, ACC dropped 14.54%, NDTV was down 14.37%, and Adani Wilmar slid 10%. Some of the group firms also hit their lowest trading permissible limit for the day.
In the equity market, The BSE Sensex fell by 536.89 points to 77,041.49, while the NSE Nifty declined 186.75 points to 23,331.75.
US prosecutors accused Gautam Adani, 62, his nephew Sagar Adani, and others of paying over USD 250 million in bribes between 2020 and 2024 to Indian government officials to secure solar energy contracts. These contracts, allegedly concealed from US banks and investors, were expected to generate over $2 billion in profits for the group.
Under US laws, foreign corruption cases can be pursued if they involve American investors or markets. Breon Peace, US Attorney for the Eastern District of New York, stated that the defendants orchestrated “an elaborate scheme to bribe Indian government officials for lucrative contracts.”
Gautam Adani, chairman of the Adani Group, Sagar Adani, an executive director at Adani Green Energy, and former CEO Vneet Jaain face charges of securities fraud, conspiracy, and wire fraud. The US Securities and Exchange Commission (SEC) has also filed a civil case against them. The Adani Group has not yet commented on the allegations.
