Shares of Adani Green Energy saw a significant drop of 18.74%, closing at Rs 1,147.95. This sharp decline resulted in a market cap loss of approximately Rs 34,078 crore, bringing the total market capitalization down to Rs 1,81,839.01 crore.
Key Allegations:
- Bribery Payments: The group is accused of paying over $250 million in bribes to Indian government officials for securing solar energy contracts worth $2 billion in profits.
- Investor Misrepresentation: Gautam Adani, alongside top executives, allegedly misled global investors about the company’s compliance with anti-bribery practices while raising over $3 billion.
- U.S. SEC Charges: The Securities and Exchange Commission has filed civil complaints accusing Adani Green Energy of bribery to secure contracts.
Key Trading Highlights:
- Previous Close: Rs 1,412.70
- Today’s High: Rs 1,199.00
- Today’s Low: Rs 1,136.55
- Traded Volume: 36.30 lakh shares
- Traded Value: Rs 421.61 crore
52-Week Performance:
- 52-Week High: Rs 2,174.10 (June 3, 2024)
- 52-Week Low: Rs 910.00 (November 22, 2023)
The allegations of bribery and misrepresentation have significantly impacted investor sentiment, leading to a sharp decline in Adani Green Energy’s stock price. The company’s outlook remains clouded as legal proceedings and regulatory scrutiny intensify.
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