Shares of Adani Ports and Special Economic Zone Limited tumbled 20%, closing at Rs 1,031.70. This sharp drop led to a market cap loss of approximately Rs 55,717 crore, bringing the total market capitalization to Rs 2,22,861.53 crore.
Key Trading Highlights:
- Previous Close: Rs 1,289.65
- Today’s High: Rs 1,160.70
- Today’s Low: Rs 1,031.70
- Traded Volume: 37.33 lakh shares
- Traded Value: Rs 396.95 crore
52-Week Performance:
- 52-Week High: Rs 1,621.40 (June 3, 2024)
- 52-Week Low: Rs 785.00 (November 24, 2023)
Allegations:
- Bribery Payments: The Adani Group has been accused of paying over $250 million in bribes to Indian government officials to secure solar energy contracts worth $2 billion in profits.
- Investor Misrepresentation: Gautam Adani, along with top executives, allegedly misled global investors regarding compliance with anti-bribery practices while raising over $3 billion.
- U.S. SEC Charges: The U.S. Securities and Exchange Commission has filed civil complaints accusing Adani Green Energy of bribery in securing contracts.
Market Implications:
The allegations and subsequent market reaction reflect heightened concerns among investors regarding corporate governance and transparency within the Adani Group. Analysts advise caution as the situation unfolds.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. The author or Business Upturn is not liable for any losses arising from the use of this information.
