Adani Enterprises shares, along with other group stocks like Adani Green, Adani Power, and Adani Energy, Adani energy are in the spotlight in today’s trading session after plunging by more than 23% in Thursday’s trade. Adani Group stocks faced a turbulent session as allegations of a USD 250 million bribery scheme involving Chairman Gautam Adani and his nephew Sagar Adani surfaced. Forbes, in its recent report, stated that the charges, filed by U.S. prosecutors, led to Gautam Adani reportedly losing $12.1 billion in notional wealth.

The incident caused huge losses for the company, as entire portfolio of all the ten Adani group listed companies which include Adani Enterprises Ltd., Adani Green Energy Ltd., Adani Ports and Special Economic Zone Ltd., Adani Power Ltd., Adani Transmission Ltd., Adani Total Gas Ltd., Adani Wilmar Ltd., Adani Power (Mundra) Ltd., Adani Gas Ltd., Adani Mining Pvt. Ltd witnessed a massive selloff on Thursday 22nd November. This led to the decline of combined market capitalization by Rs 2.19 lakh crore as reported by The Times of India.

Adani Group Stock Performance Overview:

Adani Enterprises:

Adani Enterprises, the flagship company of the conglomerate, closed yesterday at Rs. 2,183.65 after briefly hitting a 52-week low of Rs. 2,142. This morning, the stock is trading at Rs. 2,096.40, a further 4% decline. Over the past six months, the stock has experienced a 33.26% drop.

Adani Green Energy:
Adani Green shares are currently trading around Rs. 1,073, down by 6.39% today. The company halted a $600 million bond issuance after the indictment, even though the offer was initially oversubscribed.

Adani Energy Solutions:

After closing in red yesterday, depicting significant losses, Adani Energy Shares today are trading at Rs. 643.60 with a decline of 6.39%, impacted by the company’s recent loss of a USD 736 million public-private partnership contract in Kenya.

Adani Power:

Currently trading at Rs. 458.50, Adani Power shares are down by 3.71%. Investors remain cautious as concerns over governance weigh heavily on the energy giant’s valuation.

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Other Key Developments:

• The Kenyan government announced the cancellation of two major Adani-linked projects: a USD 700 million power transmission line contract and a bid for expanding Nairobi’s main airport.
• Combined market capitalization for Adani’s ten listed companies fell by RS.2.19 lakh crore after the broad selloff in the market yesterday, shaking investor confidence in the group.
• After the US prosecutors indicted Gautam Adani in the bribery case, the National Students Union of India (NSUI), a student wing of the Congress Party, staged protests on 21st November, Thursday, demanding Gautam Adani’s arrest over allegations of corruption and misuse of power.

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Adani’s Response to the Allegations:

The Adani Group has firmly denied the bribery allegations, labeling them as baseless. The company said that under U.S. law, these charges remain allegations until proven in court. In an official statement, an Adani spokesperson emphasized the group’s commitment to legal recourse and maintaining full transparency. The statement reiterated the conglomerate’s adherence to regulatory compliance and its alignment with government standards. Adani Group assured stakeholders that it would take all necessary steps to defend its integrity and reputation through appropriate legal channels.