Adani Group Stocks Rise As Volatility Up Amid Bribery Charges

On 22nd November 2024, the Indian benchmark index Sensex was up 1.20% at 77,064.47, and the Nifty 50 was up  1.26% at 23,644.70 at 1:00 PM.  Adani Group stocks were in focus during afternoon trade.

Adani Group Companies’ Share Price at 1:00 PM On NSE, November 22, 2024

Adani Stocks Make Comeback

On Thursday, November 21, the market value of Adani Group stocks had dropped by ₹2.3 lakh crore. Adani Enterprises and Adani Ports and Special Economic Zone shares hit their 10% lower circuit limits yesterday.

However, today Adani Ports, which dropped 6% initially, later rebounded. Similarly, Adani Enterprises, which fell by 7% in early trading, recovered all its losses.

An Overview of the Bribery Allegations

On Wednesday, 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 energy contracts. They allegedly concealed this scheme while soliciting funds from U.S. investors.

The 5five-count indictment also charges Sagar R. Adani, Gautam’s nephew, and Vineet S. Jain, an executive, for violating federal laws in connection with an Indian renewable energy company.

Furthermore, the U.S. Securities and Exchange Commission filed civil charges, alleging that Adani Green Energy misled 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.