Shares of Adani Power plunged by 14.30%, closing at Rs 449.15, marking a significant decline from the previous close of Rs 524.10. This sharp fall resulted in a market cap loss of approximately Rs 29,122 crore, reducing the company’s total market capitalization to Rs 1,73,234.41 crore.
Key Allegations Impacting Sentiment:
- Bribery Payments: The Adani Group is accused of paying over $250 million in bribes to Indian government officials to secure solar energy contracts, allegedly leading to $2 billion in profits.
- Investor Misrepresentation: Gautam Adani and senior executives are accused of misleading global investors regarding the company’s adherence to anti-bribery practices while raising over $3 billion.
- U.S. SEC Charges: The Securities and Exchange Commission has filed civil complaints against Adani Green Energy for allegedly using bribes to secure contracts.
Key Trading Highlights:
- Previous Close: Rs 524.10
- Today’s High: Rs 474.00
- Today’s Low: Rs 432.00
- Traded Volume: 176.02 lakh shares
- Traded Value: Rs 796.97 crore
52-Week Performance:
- 52-Week High: Rs 895.85 (June 3, 2024)
- 52-Week Low: Rs 380.05 (November 23, 2023)
Investor Concerns:
The allegations of bribery, misrepresentation, and regulatory scrutiny have severely impacted investor confidence, leading to a sharp decline in Adani Power’s stock value. The legal and reputational risks continue to weigh heavily on the company’s outlook.
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