Shares of Adani Total Gas faced a sharp decline of 14.89%, closing at Rs 571.75. This steep drop resulted in a significant market cap loss of approximately Rs 10,996 crore, bringing the total market capitalization to Rs 62,881.64 crore.
Key Trading Highlights:
- Previous Close: Rs 671.75
- Today’s High: Rs 593.20
- Today’s Low: Rs 545.75
- Traded Volume: 29.71 lakh shares
- Traded Value: Rs 171.05 crore
52-Week Performance:
- 52-Week High: Rs 1,259.40 (December 8, 2023)
- 52-Week Low: Rs 527.00 (November 20, 2023)
The indictment on Gautam Adani and other executives accuses them of a massive bribery and fraud scheme involving solar energy contracts –
- 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.
Sector Context:
Adani Total Gas’s decline highlights ongoing volatility in the energy sector, coupled with the intensifying scrutiny surrounding corporate governance and compliance allegations. Analysts suggest investors remain cautious amid these developments.
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.
