Adani Group Shares Plummet Amid SEC Fraud Allegations

Adani group shares nosedived amidst reports of SEC seeking court permission to summon Gautam Adani and Sagar Adani over fraud and bribery allegations. Key stocks like Adani Enterprises, Adani Power, and Adani Green Energy faced significant declines. The group has denied allegations, stating compliance with all laws.

Shares of Adani group companies fell significantly, plummeting as much as 13% on reports that the U.S. Securities and Exchange Commission is seeking court approval to serve summons to Gautam Adani and Sagar Adani over allegations of fraud and a $265 million bribery case.

Flagship firm Adani Enterprises witnessed a 9.38% drop to Rs 1,891.60, with Adani Power down 8.84% to Rs 128.35, Adani Ports dropping 7.81% to Rs 1,303.35, and Adani Total Gas declining by 7.55% to Rs 507, making Adani Ports the largest loser among the 30-share index.

The U.S. SEC informed a Brooklyn, New York court about the challenges in obtaining assistance from Indian authorities. As such, they have requested permission to serve notices via email. The Adani group refutes the bribery allegations made by U.S. prosecutors, emphasizing their compliance with regulations.

(With inputs from agencies.)