Adani Group Stocks in Focus as Sagar Adani Summoned by US SEC

Gautam Adani and his nephew Sagar Adani have been called upon by the US Securities and Exchange Commission (SEC) to clarify their involvement in allegations of paying $265 million in bribes to obtain solar power contracts.

Adani Summons Details

The Adanis received summons at their homes, with a 21-day deadline to respond, as per a notice from the New York Eastern District Court dated November 21. Failure to respond within the specified time will result in a default judgement, according to the notice.

Adani Group Companies’ Share Price at 11:30 AM On NSE, November 25, 2024

Adani Shares Performance Overview

Adani Enterprises gained the most among the Adani Group companies listed on the exchange, rising 3.64% to ₹2,309 at 11:30 AM on the NSE. 

ACC followed with a 3.23% increase. Out of the listed stocks, 9 were in the positive, while NDTV was the only one to decline, falling 0.39% to ₹168.73.

Bribery Allegations Overview

Last week, the U.S. Department of Justice and the Securities and Exchange Commission accused Gautam Adani and others of bribing Indian officials with over $250 million to secure solar contracts. The scheme was allegedly hidden while soliciting funds from U.S. investors.

The five-count indictment also charges Sagar R. Adani, Gautam’s nephew, and Vineet S. Jain, an executive, with violating federal laws in connection with an Indian renewable energy company

Furthermore, the U.S. Securities and Exchange Commission filed civil charges, accusing Adani Green Energy of misleading U.S. investors to raise $175 million by misrepresenting its business operations.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.