Brief by Shorts91 Newsdesk / 06:39am on 21 Nov 2024,Thursday Business
Adani Group stocks fell sharply on Thursday after the US SEC charged Gautam Adani, Sagar Adani, and Azure Power's Cyril Cabanes in a $250 million bribery case. Shares of Adani Green Energy dropped 17.44% to ₹1,165.50, while flagship Adani Enterprises nosedived 20.29% to ₹2,248. The SEC alleged Adani misled investors and secured Indian government commitments to purchase energy at above-market rates, raising $750 million globally. Other group companies, including Adani Power, Ports, and Total Gas, also saw significant losses. SEC Acting Director Sanjay Wadhwa pledged accountability for securities violations.
