Shares of Adani Energy Solutions tumbled 20%, touching ₹697.70 on the BSE, after news broke of Gautam Adani and other executives being charged in a multibillion-dollar bribery and fraud case in the United States.
Key Developments:
- Bribery Allegations: U.S. prosecutors claim that over $250 million in bribes were paid to Indian government officials to secure lucrative solar energy contracts.
- Fraudulent Practices: The indictment alleges that the company misrepresented compliance with anti-bribery regulations while raising over $3 billion from investors.
- Global Legal Scrutiny: This has sparked investigations from both the U.S. Department of Justice and the Securities and Exchange Commission (SEC).
Market Reactions:
- Share Crash: Adani Energy Solutions hit the 20% lower circuit as panic selling gripped the market.
- Group-Wide Impact: Other Adani Group stocks, including Adani Green Energy and Adani Enterprises, also witnessed heavy sell-offs.
This development raises serious concerns over the credibility of Adani Group’s operations, putting its global reputation and financial standing under significant pressure.
