Adani Group Stocks Plummet Amid Bribery Probe
Adani Group Stocks Witness Heavy Losses Amid Bribery Probe
The Adani Group, including Adani Ports, Adani Enterprises, and Adani Green, experienced significant losses on Wednesday, ranging from 5% to 10%. All ten Adani Group stocks were trading sharply lower, with Adani Enterprises shares extending their decline for the seventh consecutive session.
The dip in Adani Group stocks can be attributed to a report stating that the United States is expanding its probe into the conglomerate due to bribery concerns. The investigation focuses on Gautam Adani, the group’s founder, and his companies for potentially offering bribes to Indian officials to secure favorable deals in energy projects.
During early trading, Adani Enterprises witnessed a nearly 4% drop, reaching an intra-day low of Rs 2,976.05. Adani Ports and Special Economic Zone also saw a decrease of over 3% to Rs 1,227.25. Additionally, Adani Green Energy experienced its biggest single-day drop in 2024 so far.
Adani Enterprises emerged as the top loser on the Nifty 50 index, dropping more than 6%. The stock has fallen over 9% in just one week. Following closely, Adani Ports shares lost over 6% in today’s trade.
These developments highlight the volatility and potential risks associated with investing in the Adani Group stocks. Investors should closely monitor the ongoing investigation and consider its implications before making any investment decisions.
