Gautam Adani Bribery Case, Adani Group Reaction US Criminal Charges, Gautam Adani Stocks, Gautam Adani Stocks Performance After US Bribe Charge: Indian billionaire and one of the world's richest persons- Gautam Adani and seven other business executives on Thursday were charged by the US in a $250million bribery case. Gautam Adani and others have been charged with a five-count criminal indictment that was unsealed in federal court in Brooklyn, USA.
US Prosecutors have charged Gautam Adani, his nephew Sagar Aani, and Vneet S. Jaain, executives of an Indian renewable-energy company (the Indian Energy Company), with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from U.S. investors and global financial institutions on the basis of false and misleading statements.
Hence, after US' indictment on Gautam Adani and others, its impact also started to be seen on the Adani Group stock. Below is how the Adani Group stocks performed after USA's bribery charges-
Adani Group Stocks Performance After US Allegations
All Adani Groups are witnessing a downfall in the stock market after the USA's allegations of bribery. As per the reports, Adani group shares are trading with losses between 10%, or 20% at the start of trading on Thursday. To name a few, Adani Ports and Adani Enterprises, the two Nifty 50-listed companies are also down in a circuit of 10% each, while other group companies like Adani Green Energy, Adani Energy Solutions, Adani Total Gas, and Adani Power are down between 15% to 20% in early trading.
As per the Equity Master website, ADANI ENERGY SOLUTIONS is down by 20 percent in early trading, ADANI ENTERPRISES is down by 20%, ADANI GREEN ENERGY is down by 18.26%, ADANI PORTS & SEZ is down by 20%, ADANI POWER is down by 13.34%, ADANI TOTAL GAS is down by 15.49%, ADANI WILMAR down by 10%, AMBUJA CEMENT down by 11.27% and ACC is down by 9.50 percent.
Adani Group's response to US allegations
Adani Green issued a statement that reads, "The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani. The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings."