Following the recent bribery allegations against Gautam Adani, the Chairman of the Group, along with his nephew Sagar Adani and six others in a bribery case worth USD 265 million, shares of Adani Group companies took a massive hit on Thursday, November 21, 2024.
While the US authorities in New York have filed charges, the group has vehemently denied the allegations, calling them “baseless.” Despite the group’s denial of the accusations, the stock market responded sharply, with all major Adani stocks ending the day in the red.
Stock Market Impact - A Red Day for Adani Group
Let’s take a closer look at how the stocks ended the day amid the US bribery allegations against Gautam Adani:
Adani Enterprises Ltd (ADANIENT):
The stock plunged by 23.44 per cent, ending the day at Rs 2,160.00. The day started with an opening price of Rs 2,539.35 and hit a low of Rs 2,155.05 on NSE. The market cap stood at Rs 2.52 lakh crore at the close of the day.
Share performance - NSE |
Adani Green Energy Ltd (ADANIGREEN)
This stock declined by 18.95 per cent, closing the day at Rs 1,145.00.
It opened at Rs 1,160.00, reached a high of Rs 1,212.00, and dropped to a low of Rs 1,132.00. Its market cap is Rs 1.82 lakh crore.
Share performance - NSE |
Adani Ports and Special Economic Zone Ltd (ADANIPORTS)
The stock fell by 13.23 per cent, closing at Rs 1,119.05. The price hit a low of Rs 1,119.05, after opening at Rs 1,119.05 on NSE.
Share performance - NSE |
Adani Wilmar Ltd (AWL)
The stock of this food-processing giant fell by 10 per cent, ending the day at Rs 294.90. The market downturn was felt across various Adani stocks, with this one being no exception.
Share performance - NSE |
Adani Total Gas Ltd (ATGL)
Dropping 10.38 per cent, ATGL finished the day at Rs 602.00 on NSE.
Share performance - NSE |
ACC Ltd
The cement giant saw a 7.99 per cent dip, closing at Rs 2,011.00. Despite starting the day at RS 1,986.00, it touched a high of Rs 2,052.30 before seeing significant losses.
Share performance - NSE |
Ambuja Cements Ltd
Ended the day at Rs 480.00, Ambuja Cement’s stock also witnessed a notable drop of 12.66 per cent, adding to the day’s losses across the Adani Group’s portfolio.
Share performance - NSE |
In a legal battle that has caught global attention, US prosecutors have accused the Adani Group figures of being involved in a bribery case involving USD 265 million. The news sent shockwaves across financial markets, resulting in a sharp decline in the stock prices of Adani Group companies in India.
Although, the Adani group denied the allegations, calling it ‘baseless’ later.
In a statement issued by the Adani Group regarding the matter, Adani Group spokesperson said, “As stated by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought.”
“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws," the company spokesperson added further.
