Ambuja, ACC stocks plunge after Gautam Adani's US indictments
ECONOMY & POLICY

Ambuja, ACC stocks plunge after Gautam Adani's US indictments

Adani group stocks saw a significant decline during Thursday morning trade, with the combined market valuation of all the listed companies dropping by Rs 2.45 trillion This came after US prosecutors charged billionaire Gautam Adani in connection with an alleged years-long scheme to pay $250 million in bribes to Indian officials in exchange for favourable terms on solar power contracts.

The stock of Adani's flagship company, Adani Enterprises, fell by 22.99 per cent, while Adani Ports dropped 20 per cent, Adani Energy Solutions decreased by 20 per cent, Adani Green Energy fell 19.53 per cent, and Adani Total Gas tumbled 18.14 per cent on the Bombay Stock Exchange.

Other group companies also experienced steep declines, with shares of Adani Power dropping 17.79 per cent, Ambuja Cements falling 17.59 per cent, ACC slipping 14.54 per cent, NDTV decreasing by 14.37 per cent, and Adani Wilmar dropping 10 per cent. Some of these firms also hit their lowest trading permissible limits for the day.

US prosecutors have charged Adani, his 62-year-old nephew Sagar, and other defendants for allegedly paying over $250 million in bribes between 2020 and 2024 to Indian government officials. These bribes were allegedly paid to secure solar energy contracts that could potentially bring in over $2 billion in profit. The bribes were said to have been concealed from US banks and investors who had financed the Adani group’s projects. US law permits the pursuit of foreign corruption cases if there are links to American investors or markets.

Breon Peace, the US Attorney for the Eastern District of New York, stated that the defendants had orchestrated an elaborate scheme to bribe Indian government officials in order to secure contracts worth billions of dollars.

Adani group stocks saw a significant decline during Thursday morning trade, with the combined market valuation of all the listed companies dropping by Rs 2.45 trillion This came after US prosecutors charged billionaire Gautam Adani in connection with an alleged years-long scheme to pay $250 million in bribes to Indian officials in exchange for favourable terms on solar power contracts. The stock of Adani's flagship company, Adani Enterprises, fell by 22.99 per cent, while Adani Ports dropped 20 per cent, Adani Energy Solutions decreased by 20 per cent, Adani Green Energy fell 19.53 per cent, and Adani Total Gas tumbled 18.14 per cent on the Bombay Stock Exchange. Other group companies also experienced steep declines, with shares of Adani Power dropping 17.79 per cent, Ambuja Cements falling 17.59 per cent, ACC slipping 14.54 per cent, NDTV decreasing by 14.37 per cent, and Adani Wilmar dropping 10 per cent. Some of these firms also hit their lowest trading permissible limits for the day. US prosecutors have charged Adani, his 62-year-old nephew Sagar, and other defendants for allegedly paying over $250 million in bribes between 2020 and 2024 to Indian government officials. These bribes were allegedly paid to secure solar energy contracts that could potentially bring in over $2 billion in profit. The bribes were said to have been concealed from US banks and investors who had financed the Adani group’s projects. US law permits the pursuit of foreign corruption cases if there are links to American investors or markets. Breon Peace, the US Attorney for the Eastern District of New York, stated that the defendants had orchestrated an elaborate scheme to bribe Indian government officials in order to secure contracts worth billions of dollars.

Next Story
Infrastructure Urban

IICA & CMAI Ink MoU to Boost India's Carbon Markets & Decarbonisation

In a major step toward strengthening India’s carbon markets and advancing decarbonisation efforts, the Indian Institute of Corporate Affairs (IICA) and the Carbon Market Association of India (CMAI) formalized their collaboration through a Memorandum of Understanding (MoU) in New Delhi. The agreement was announced during the IICA-CMAI Masterclass on Global & Indian Carbon Markets, held as part of India Climate Week. The event was attended by key government officials, including the Union Minister for Road, Transport & Highways, who emphasized the importance of biofuels and green hydrogen in sh..

Next Story
Infrastructure Urban

Kavach Installation on Mumbai-Delhi-Kolkata Route Extended to Dec ’25

The Railway Board has extended the deadline for the installation of the Automatic Train Protection (ATP) system, Kavach, on the Delhi-Mumbai and Delhi-Kolkata routes from March to December 2025. According to the revised railway budget estimates for 2025-26, track-side equipment for Kavach Version 4.0 will be installed across the 3,000 km stretch by the end of 2025, with work progressing on the remaining sections. Indian Railways adopted Kavach as the national ATP system in 2020, with the latest specification for Version 4.0 approved in July 2024. The project includes the installation of Kava..

Next Story
Infrastructure Transport

CRS Inspects Newly Doubled Nawada-Tilaiya Rail Section in ECR

The Commissioner of Railway Safety (CRS), Eastern Circle, Kolkata, Suvomoy Mitra conducted an inspection of the newly doubled Nawada-Tilaiya section under the Kiul-Gaya doubling project in Danapur Division. The inspection included a thorough assessment of the newly constructed double line and bridges in the section. As part of the evaluation, a speed trial was successfully carried out at 120 km/h using a special train between Nawada and Tilaiya. The inspection was attended by the Divisional Railway Manager (DRM) of Danapur Division, Jayant Kumar Choudhary, along with senior officials from the..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?