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.
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.
| Companies | Percentage change | Share Price (in ₹) |
| Adani Enterprises | +3.64% | 2,309 |
| Adani Ports and Special Economic Zone | +2.65% | 1,166.09 |
| Adani Green Energy | +1.23% | 1,164.75 |
| Adani Total Gas | +1.72% | 619.60 |
| Adani Wilmar | +1.33% | 296.25 |
| Adani Energy Solutions | +0.41% | 651.60 |
| Adani Power | +0.69% | 463.65 |
| NDTV | -0.39% | 168.73 |
| ACC | +3.23% | 2,157.30 |
| Ambuja Cements | +1.93% | 509.50 |
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.
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.
Download the Angel One online trading app and access a seamless trading platform right from your phone. Install today to experience effortless trading!
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.
Published on: Nov 25, 2024, 11:44 AM IST
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
