Adani group stocks settle lower; Adani Total Gas drops over 4 pc

All ten listed stocks of the Adani group ended lower on Monday amid media reports that the US has widened its bribery probe of the ports-to-energy conglomerate.

Shares of the group firms also declined after the Supreme Court dismissed a plea of Adani Power Rajasthan Ltd seeking over Rs 1,300 crore as late payment surcharge from the Jaipur Vidyut Vitran Nigam Limited, a Rajasthan government-owned power distribution firm.

The stock of Adani Total Gas tanked 4.35 per cent, Adani Energy Solutions dived 3.40 per cent, Ambuja Cements dropped 2.81 per cent and ACC fell by 2.43 per cent on the BSE.

Shares of NDTV lost 2.08 per cent, Adani Wilmar declined 2.05 per cent, Adani Green Energy dropped 1.67 per cent, Adani Ports slipped 1.24 per cent, Adani Enterprises went lower by 0.71 per cent and Adani Power dipped 0.35 per cent.

As per media reports, US prosecutors have widened their probe of the conglomerate to focus on whether it engaged in bribery.

The Supreme Court on Monday dismissed a plea of Adani Power Rajasthan Ltd seeking over Rs 1,300 crore as late payment surcharge from the Jaipur Vidyut Vitran Nigam Limited.

Imposing Rs 50,000 as cost on Adani Power Rajasthan Ltd (APRL), a bench comprising Justices Aniruddha Bose and PV Sanjay Kumar ruled that filing of a miscellaneous application was not the proper legal recourse to late payment surcharge (LPS) by the Adani firm.

''Relief of this nature (claiming LPS) cannot be asked in a miscellaneous application which was described in the course of the hearing as an application for clarification,'' the bench said.

Meanwhile, in the equity market the 30-share BSE Sensex ended 104.99 points or 0.14 per cent higher at 72,748.42, and the NSE Nifty climbed 32.35 points or 0.15 per cent to 22,055.70.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)