Adani Green to Adani Ports: Adani shares trade red. Here’s why

Adani group stocks, including the flagship Adani Enterprises, Adani Ports & SEZ, and Adani Green Energy, declined up 4% in early trade on Wednesday, amid a broader selling in the Indian stock market.

Adani Enterprises and Adani Green Energy shares were the top losers amingamong the Adani Group stocks. Adani Enterprises share price declined as much as 4.3%, while Adani Green Energy share price also plunged 4.25%.

Adani Power shares fell 2.54%, Adani Ports share price dropped 2.63%, while Adani Energy Solutions, Adani Total Gas and Adani Wilmar shares declined 2.4% each.

The Adani Group cement makers, Ambuja Cement shares and ACC shares also fell around 2% each.

The fall in Adani Group shares today comes after a report said that the US Securities and Exchange Commission has sought Indian authorities’ help in Adani fraud probe.

The US SEC has requested assistance from Indian authorities in its investigation of Adani Group founder Gautam Adani and his nephew Sagar Adani over alleged securities fraud and a $265 million bribery scheme, Reuters reported, citing a court filing.

The SEC told a New York district court its efforts to serve its complaint to Gautam Adani and Sagar Adani were ongoing and that it is seeking help from India’s Ministry of Law and Justice to serve its complaint to Gautam Adani and Sagar Adani, the Reuters report added.

Charges against Adani Group

Last year, federal prosecutors unsealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy, a subsidiary of his Adani Group conglomerate, and then misleading US investors by providing reassuring information about the company’s anti-corruption practices.

The US Department of Justice had charged the Adani Group for allegedly being involved in a scheme to pay over $250 million (about ₹2,100 crore) in bribes to Indian officials. The bribes were supposedly given to secure favourable terms for solar power contracts.

Adani Group has called the allegations “baseless” and vowed to seek “all possible legal recourse.”

Earlier this month, several US Congress members had written to the newly-appointed US Attorney General, urging an investigation into the previous DoJ’s indictment of Adani Group officials.

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