Adani group stocks, including Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Energy Solutions Ltd, and Adani Power Ltd, extended their losses following a sharp sell-off in the previous session. The stocks faced significant headwinds after U.S. prosecutors charged Gautam Adani and other senior officials with bribery allegations.
Stock Performance on November 22, 2024:
| Stock | BSE Price (₹) | Change (%) | NSE Price (₹) | Change (%) |
|---|---|---|---|---|
| Adani Enterprises | 2,088.00 | -4.33% | 2,101.00 | -3.78% |
| Adani Green Energy | 1,050.00 | -8.41% | 1,085.00 | -5.30% |
| Adani Energy Solutions | 630.00 | -9.70% | 658.15 | -5.61% |
| Adani Power | 451.05 | -5.27% | 455.20 | -4.40% |
| Adani Total Gas | 566.00 | -6.03% | 570.60 | -5.20% |
Key Updates:
- Bribery Charges:
- U.S. prosecutors alleged that Adani and seven other individuals engaged in a $250 million bribery scheme, raising global governance concerns.
- Gautam Adani’s net worth dropped $12.1 billion in a single day.
- Operational Impacts:
- Adani Green Energy canceled its $600 million US dollar bond issuance.
- Adani Energy Solutions lost a $736 million contract in Kenya after the country’s president announced the cancellation due to bribery concerns.
- Investor Sentiment:
- GQG Partners, a major investor, reported its shares fell 19.32% yesterday but recovered 7.5% in Australian trading today.
- Moody’s flagged credit risks for the group, highlighting potential challenges in fundraising.
- Sectoral Impact:
- Broader market indices were mixed. Nifty 50 ended slightly higher at 23,411.80, up 0.27%, while the Sensex closed at 77,349.79, gaining 0.25%.
