Shares of Adani Total Gas plunged by 18.15%, closing at ₹550.25 on the BSE. The stock was hit hard in the aftermath of the U.S. indictment against Gautam Adani and several executives over alleged involvement in a bribery and fraud scheme.
Market Impact:
- Sharp Decline: The stock saw one of its steepest declines as investor sentiment turned negative following the allegations.
- Sector-Wide Impact: Other Adani Group stocks, including Adani Energy Solutions and Adani Green Energy, also witnessed heavy sell-offs.
Allegations Overview:
- Bribery Scheme: The indictment accuses the Adani Group of paying over $250 million in bribes to Indian officials.
- Misrepresentation: U.S. regulators allege that the group misled investors while raising funds worth over $3 billion.
Outlook:
The allegations have intensified scrutiny of Adani Group’s corporate governance, creating concerns about the group’s credibility and its financial and operational stability.
