Introduction:
Stocks of a major conglomerate are under scrutiny after US prosecutors indicted key executives for an alleged $250 million bribery scheme aimed at securing solar energy contracts. The group reportedly misled investors with false statements, leading to significant declines in stock value.
Adani stocks under bribery scrutiny:
Adani Group stocks, including Adani Power, Adani Enterprises, and Adani Green Energy, are facing scrutiny after US prosecutors indicted Gautam Adani and seven others for an alleged $250 million bribery scheme. The scheme targeted solar energy contracts between 2020-2024.
The group reportedly paid bribes to Indian officials to secure lucrative solar projects, potentially yielding over $2 billion in post-tax profits over two decades. This has led to significant declines in Adani stocks, with Adani Enterprises down 6% and Adani Green Energy dropping 18.65%.
The US Attorney’s Office charged Gautam Adani, Sagar Adani, and Vneet Jaain with securities and wire fraud. Prosecutors claim they misled investors, defrauding US financial institutions and concealing bribery while raising funds based on false statements about the scheme’s integrity.
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Adani Enterprises Ltd
On 21 November 2024, Adani Enterprises Ltd (NSE: ADANIENT) stock opened at ₹2538.20, reflecting a 10% decrease from the previous close of ₹2820.20. It touched an intraday high of ₹2538.20 before falling to ₹2256.20, a 20% drop.
By 10:38 AM, the stock was trading at ₹2256.20, down 20%. The company’s market capitalization stands at ₹260406.26 crore.
Adani Enterprises Ltd serves as the flagship company of the Adani Group. It focuses on infrastructure development, including airports, roads, and data centers, while also venturing into green hydrogen and renewable energy projects.
Adani Ports and Special Economic Zone Ltd
On 21 November 2024, Adani Ports and Special Economic Zone Ltd (NSE: ADANIPORTS) stock opened at ₹1160.15, reflecting a 10% decrease from the previous close of ₹1289.05. It reached an intraday high of ₹1160.15 before dropping to ₹1031.25, a 20% decline.
By 10:41 AM, the stock was trading at ₹1031.25, down 20%. The company’s market capitalization stands at ₹2,32,603 crore.
Adani Ports and SEZ Ltd is India’s largest port developer and operator. Managing a vast network of ports and terminals, it facilitates global trade through robust infrastructure and logistics. The company is central to Adani Group’s maritime and logistics operations.
Adani Power Ltd
On 21 November 2024, Adani Power Ltd (NSE: ADANIPOWER) stock opened at ₹441.00, reflecting a 15.84% decrease from the previous close of ₹524.10. It reached an intraday high of ₹473.80 before falling to ₹430.85, a 13.76% decline.
By 10:43 AM, the stock was trading at ₹452.00, down 13.76%. The company’s market capitalization stands at ₹1,81,179 crore.
Adani Power Ltd is India’s largest private thermal power producer, operating multiple coal-based and solar power plants. The company aims to provide affordable and reliable energy solutions. Its expansion into renewable energy underscores its commitment to supporting India’s sustainable energy goals and addressing growing power demands.
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Adani Green Energy Ltd
On 21 November 2024, Adani Green Energy Ltd (NSE: ADANIGREEN) stock opened at ₹1150.00, reflecting an 18.52% decrease from the previous close of ₹1411.75. It reached an intraday high of ₹1199.95 before falling to ₹1136.00, an 18.91% drop.
By 10:45 AM, the stock was trading at ₹1144.75, down 18.91%. The company’s market capitalization stands at ₹181395.48 crore.
Adani Green Energy Ltd specializes in renewable energy, particularly solar and wind power generation. As one of the largest renewable energy companies globally, it focuses on achieving sustainability through innovation. Its ambitious targets align with India’s commitment to renewable energy and reducing carbon footprints.
Adani Energy Solutions Ltd
On 21 November 2024, Adani Energy Solutions Ltd (NSE: ADANIENSOL) stock opened at ₹697.70, reflecting a 20% decrease from the previous close of ₹872.10. It reached an intraday high of ₹718.15 before falling to ₹697.70, a 20% drop.
By 10:44 AM, the stock was trading at ₹697.70, down 20%. The company’s market capitalization stands at ₹83,813.49 crore.
Adani Energy Solutions Ltd, previously known as Adani Transmission Ltd, manages power transmission and distribution across India. It plays a critical role in ensuring efficient energy delivery and infrastructure development, with a growing emphasis on renewable energy integration into its transmission systems.
Adani Total Gas Ltd
On 21 November 2024, Adani Total Gas Ltd (NSE: ATGL) stock opened at ₹550.25, reflecting an 18.14% decrease from the previous close of ₹672.25. It reached an intraday high of ₹593.70 before falling to ₹550.25, a 16.41% drop.
By 10:46 AM, the stock was trading at ₹561.95, down 16.41%. The company’s market capitalization stands at ₹65,548.68 crore.
Adani Total Gas Ltd is a leading player in India’s city gas distribution sector. It focuses on providing clean and affordable energy through piped natural gas (PNG) and compressed natural gas (CNG) networks. The company is a joint venture between Adani Group and TotalEnergies of France.
Adani Wilmar Ltd
On 21 November 2024, Adani Wilmar Ltd (NSE: AWL) stock opened at ₹299.95, reflecting an 8.29% decrease from the previous close of ₹327.10. It reached an intraday high of ₹306.25 before falling to ₹294.40, a 10% drop.
By 10:47 AM, the stock was trading at ₹294.40, down 10%. The company’s market capitalization stands at ₹38,262.54 crore.
Adani Wilmar Ltd is a leading food company, known for its edible oils, including the popular “Fortune” brand. It also produces a range of food staples and personal care products. As a joint venture with Wilmar International, it caters to diverse consumer needs in India and beyond.
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Ambuja Cements Ltd
On 21 November 2024, Ambuja Cements Ltd (NSE: AMBUJACEM) stock opened at ₹494.65, reflecting a 10% decrease from the previous close of ₹549.60. It reached an intraday high of ₹494.65 before falling to ₹452.90, a 13.07% drop.
By 10:49 AM, the stock was trading at ₹477.75, down 13.07%. The company’s market capitalization stands at ₹ 1,20,471.37 crore.
Ambuja Cements Ltd, a part of the Adani Group, is one of India’s leading cement manufacturers. Known for its high-quality products and eco-friendly practices, the company supports infrastructure development across the nation. Its focus on sustainability strengthens its position in the building materials industry.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
