Shares of Adani Group companies surged up to 20% on November 27, 2024, following a clarification regarding US bribery charges. Adani Power rose 20% to Rs 525.30, Adani Total Gas gained 19.76% to Rs 694.25, and Adani Enterprises climbed 11.56% to Rs 2,398.35. The rally came after Adani Green Energy clarified that key executives, including Gautam and Sagar Adani, were not facing charges under the US Foreign Corrupt Practices Act. Despite the rebound, analysts remain cautious, citing credit downgrades and ongoing regulatory scrutiny. Investors are advised to assess risks before making decisions.

Adani Green Energy Ltd (AGEL) stated that Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged under the US Foreign Corrupt Practices Act (FCPA) amid reports alleging bribery. Instead, the indictment by the US Department of Justice (DOJ) includes allegations of securities fraud conspiracy, wire fraud conspiracy, and securities fraud. Senior advocate Mukul Rohatgi confirmed that the charges do not pertain to bribery or corruption, emphasizing misleading media claims. AGEL reiterated its commitment to addressing inaccuracies, noting that reports about bribery for Indian solar power contracts lack substantiation. Adani Group shares gained following the clarification.

Indian stock markets soared on Monday, with the Sensex surging 1,289 points to surpass the 80,000-mark and the Nifty climbing 405 points to 24,312. Analysts attributed the rally to the National Democratic Alliance's (NDA) significant electoral victories in Maharashtra and Jharkhand, boosting investor confidence. Reliance Industries rose 2.5% following an upgrade by Citi, while most Adani group stocks recovered after recent losses. All 13 major sectors posted gains, with small- and mid-caps rising by 2%. Online food delivery giant Zomato jumped 6% after being chosen to replace JSW Steel in the BSE Sensex from December 23.

The Russia-Ukraine war continues to affect Indian markets, causing instability but not a crash. Analysts suggest focusing on fundamentally strong stocks despite the ongoing geopolitical tensions and significant Foreign Institutional Investor (FII) outflows. The Nifty 50 and Sensex have shown recent gains, but experts warn of directionless movements in the near future. With an 11% correction since September’s peak, some stocks remain strong, especially in banking, IT, and digital sectors. Experts advise caution and recommend buying select stocks like Castrol India and Taj GVK Hotels, considering the market’s long-term growth potential.

ABC Cargo UK, a prominent global logistics provider, has announced its festive season “Send & Drive” contest, offering customers a chance to win a brand-new BMW. The promotion runs from November 20, 2024, to February 20, 2025, allowing customers to enter by spending £100 on the company’s services. For every £100 spent, customers earn one entry, with a minimum of one entry even for spending less than £100. The grand prize will be drawn and announced on February 24, 2025. Additionally, every participant will receive a free gift as a token of appreciation.   Dr. Shareef Abdul Khader, Chairman of ABC Group of Companies, highlighted the contest as a way to thank customers for their loyalty and support. ABC Cargo UK is known for its world-class logistics services and its expanding presence in the UK market. The company continues to be a leader in providing reliable, customer-centric logistics solutions globally. Customers who participate in the “Send & Drive” contest will not only have a chance to win a BMW but also experience the exceptional quality of ABC Cargo's services.

Kenyan President William Ruto canceled $730M worth of Adani Group deals, citing a US indictment against Gautam Adani for bribery. The canceled agreements include a 30-year, $736M energy project for power transmission lines and a proposal to control Kenya's main airport. In his address, Ruto emphasized the decision stemmed from "new information" from investigative agencies and partner nations. US authorities accused Adani of paying $265M in bribes to Indian officials, allegations the Adani Group denies, vowing legal recourse. Energy Minister Opiyo Wandayi earlier denied corruption in the transmission lines contract's awarding.

India's top 10 companies collectively lost ₹1.66 lakh crore in market value during a volatile trading week. Reliance Industries and LIC suffered the most, with declines of ₹33,931 crore and ₹30,676 crore, respectively. Other major firms, including SBI, Infosys, and TCS, also saw significant losses. However, Hindustan Unilever and ITC bucked the trend, gaining ₹12,946 crore and ₹8,406 crore, respectively. Despite the losses, Reliance Industries retained its position as India's most valuable company, followed by TCS and HDFC Bank. The BSE index's 1.57% drop reflected broader market weakness.

The Life Insurance Corporation of India (LIC) lost $920 million (₹7,850 crore) across its Adani Group holdings within 4 hours of trading on November 21, 2024. This sharp decline, triggered by the U.S. indictment of Gautam Adani and associates, slashed LIC's Adani portfolio value to ₹47,847 crore, down from ₹55,694 crore on November 19. Over two months, LIC has faced over ₹15,637 crore losses in its Adani investments. The indictment alleges bribery to secure solar energy contracts, compounding concerns raised by Hindenburg Research in 2023 over accounting irregularities and stock manipulation.

A New York judge has issued arrest warrants for Gautam Adani, Sagar Adani, and others for alleged involvement in a ₹2,236 crore bribery and fraud scheme to secure solar energy contracts in India. Prosecutors allege Adani Group executives offered bribes to government officials, including ₹1,750 crore to a top Andhra Pradesh official. Evidence reportedly includes detailed bribe tracking on phones and documents. The scheme spanned 2020-2024, raising $3 billion while concealing misconduct. Gautam Adani faces charges of securities and wire fraud conspiracy. Following the indictment, Adani Group subsidiaries canceled proposed dollar bond offerings.

Shares of PSU banks fell sharply, with losses up to 4.47%, following the US indictment of Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and others for alleged bribery. The group reportedly offered ₹2,000 crore in bribes for solar energy contracts. SBI, PNB, and Canara Bank were among the hardest hit. Adani’s total debt exposure is estimated at ₹2.41 lakh crore. Adani Group also canceled a $600M bond offering. Adani Green Energy shares plunged 17.51%, Adani Enterprises by 21.07%, and Adani Ports by 19.17%. The allegations further impacted Sensex and Nifty indices, dragging them down significantly.