Gautam Adani: Gautam Adani has been indicted for bribing US officials with $250 million and defrauding investors in that country the New York Eastern District Court of America. Due to this accusation against one of India’s richest men, Gautam Adani, there has been a big fall in Adani Group Stocks in the stock market on Thursday, November 21. Shares fell by up to 20 percent.
As a result, the index also fell. Shares of Adani Energy Solutions opened today with a 20 percent fall and then the lower circuit took place in this stock. Shares of Adani Enterprises, one of India’s flagship companies, fell 10 percent today. This stock also has a lower circuit, and Adani Ports, Ambuja Cements, and Adani Power stocks fell by 10 percent.
The shares of Adani Group crashed, in the early hours of Thursday, November 21, as the market opened. A total of 10 of this group’s stocks have come down significantly. The stock of Adani Energy Solutions fell 20 percent to Rs 697.70, a lower circuit in this stock. Meanwhile, shares of Adani Total Gas declined by 14 percent to Rs 577.80. Shares of Adani Green Energy declined by 18 percent and are trading at Rs 1159. ACC shares dropped by 10 percent today. This share is now trading at Rs 1966.55 after the lower circuit.
While Adani Ports and SEZ trades at Rs 1,166, the stock dived 10 percent intraday on Monday; Adani Wilmar trades at Rs 301 while its shares have plunged 8 percent so far. NDTV shares fell by 9.94 percent intraday today; power business shares of Adani plunged 15.34 percent intraday today and now trade at Rs 443.70. Ambuja Cement also fell into the lower circuit in the day’s market.
Reason Behind Adani Shares Crash
Gautam Adani, along with seven other people from his company, has been charged with the accusation of a 250 million dollar bribery and fraud in the New York court of America. It is said that these seven people, including Gautam Adani, wanted to pay a 250 million dollar bribe to the officials to initiate their 2 billion dollar solar power generation project in America (US Bribe Case).
Media reported that former CEO of Adani Green Energy, Vineet Jain, raised $3 billion in loans and bonds from the market with the help of lenders and investors to cover his corruption, as told by court lawyers, who claim that several conspirators joined Gautam Adani codenamed Numero Uno and The Big Man. And Sagar Adani is assumed to have managed this bribery via his cell phone.
Gautam Adani, Sagar Adani, and Vineet Jain have been accused of securities fraud, not only that Gautam Adani has also been charged with fraud by the US Securities and Exchange Commission. Four others have been indicted concerning the conspiracy to violate US anti-bribery laws and the Foreign Corrupt Practices Act. Brian Peace, a representative of the American lawyers, said in Brooklyn that the American police have arrested none of the accused.
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New York court lawyers in the US have alleged that Gautam Adani and several people in his company lied to investors there to raise money from the US market. Along with the violation of US law, MD CEO Nivit Jain and Adani Green Energy Executive Director Sagar Adani have been charged. As per a Bloomberg report, an investigation is being carried out against Gautam Adani for his alleged bribery by US intelligence officials. Whether they are paying a bribe at all to launch this project is being verified.
