Adani Green, Adani Ports, Adani Transmission: Why the shares of the Adani group are falling

Shares of Adani Group companies fell after US prosecutors indicted Gautam Adani and other executives on bribery charges related to securing solar power contracts in India.

Adani Enterprises bore the brunt of the salefalling 23% during the session. Adani Ports and Special Economic Zone (APSEZ) fell 21%, while Adani Energy Solutions and Adani Transmission both fell 20%.

Adani Total Gas fell almost 16%, Adani Power lost 14% and Adani Wilmar fell 10%. Other group entities like NDTV, Ambuja Cements and ACC also saw declines between 8-10%.

WHAT IS THE BRIBE CUP?

The sale was triggered by an indictment filed by US Attorneys in Brooklynaccusing Gautam Adani, Sagar Adani and Vneet Jaain of orchestrating a $250 million bribery scheme. The charges include paying bribes to secure solar power contracts in India, making false statements to American investors and violating federal laws.

The indictment also accuses the group of obstructing justice by deleting electronic records and misleading US agencies, including the Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and the FBI. Separately, the SEC filed a civil suit against the Adani Group.

HOW DID ADANI GROUP RESPOND?

In a statement, Adani Green said: “The United States Department of Justice and the United States Securities and Exchange Commission issued a criminal indictment and filed 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 has also included our board member Vneet Jaain in such a criminal indictment. In light of these developments, our subsidiaries have currently decided not to proceed with the proposed USD-denominated bond offerings,” the statement added.