Adani Group's combined market valuation declines by Rs 2.19 lakh crore
Published On : 2024-11-21T22:27:10+0530 [ IST ] |
Author : Mayur_Tembhare
Reading Time : 1 mins
Home
Trending
None :
All ten Adani Group listed companies witnessed a massive selloff on Thursday with the combined market capitalization declining by Rs 2.19 lakh crore after US prosecutors accused the group of being involved in a $265 million (approximately Rs 2,200 crore) bribery scheme
The Conglomerate's loss was twice what it suffered following the Hindenburg report in January 2023.
Adani Enterprises saw a 22.61 per cent decline while Adani Energy Solutions dropped 20 per cent. Adani Green Energy fell by 18.80 per cent Adani Ports decreased 13.53 per cent Ambuja Cements reduced by 11.98 per cent and Adani Total Gas declined 10.40 per
Adani Wilmar fell 9.98 per cent, Adani Power declined 9.15 per cent, ACC 7.29 per cent and NDTV 0.06 per cent. Several group companies reached their daily lower circuit limits during trading hours.
The broader market also settled in red with the BSE Sensex down 422.59 points (0.54 per cent) to 77,155.79 and the NSE Nifty down 168.60 points (0.72 per cent) to 23,349.
While the market is in the midst of a bear hug for the past few weeks, today's fall can also be attributed to the news of Adani Group facing bribery charges which triggered a massive sell-off in its group stocks.
The charges involve Adani Group allegedly bribing unidentified officials in Andhra Pradesh and Odisha governments to purchase expensive solar power potentially generating over $2 billion profit over 20
However the Adani group rejected the bribery allegations made by US prosecutors stating they were baseless and comply with all laws. The group indicated they would pursue all available legal options.
The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.
Ready to master stock valuation? ET's workshop is just around the corner!
Source : Reporters From Sunrise Chronicles
Tags : bribery2 billion profit across 20 years , grouppreferential solar power contract terms , All , Nifty , Prashanth Tapse , Department , rsseveral group companies reached , Adani Energy Solutions , Justice , Ready ,
Summary :
All ten Adani Group listed companies witnessed a massive selloff on Thursday with the combined market capitalization declining by Rs 2.19 lakh crore after US prosecutors accused the group of being
