Brief by Shorts91 Newsdesk / 10:31am on 21 Nov 2024,Thursday Business
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.
