There has been a big fall in the shares of Adani Group after the news of America’s Securities and Exchange Commission planning to send summons directly to Gautam Adani and his nephew Sagar Adani. On Friday, the last trading day of the week, shares of many Adani Group companies including Adani Green, Adani Enterprises, Adani Energy and Adani Ports fell by 15%.
What is the matter?
In fact, the US Securities and Exchange Commission has sought approval from the US Court to send summons directly to Gautam Adani and Sagar Adani by email. According to a Reuters report, the US Securities and Exchange Commission (SEC) told the court that its earlier attempts to serve summons through official channels had failed. According to the information given in the court, India had rejected two such requests.
Accusations of misleading American investors
The SEC told the court that it does not expect to complete service using the existing procedures and hence has sought permission to send summons electronically to the two executives – Gautam Adani and Sagar Adani. The US Securities and Exchange Commission has also accused the executives of misleading US investors by making false disclosures about the company’s anti-corruption policies. However, Adani Group has rejected these allegations as baseless and said that it will take all legal steps to defend its position.
The matter came up in 2024
The US Securities and Exchange Commission claimed in a charge sheet made public in November 2024 that Adani Group officials were part of an alleged scheme to bribe Indian officials to secure power purchase agreements for electricity produced by Adani Green Energy. This case is worth 265 million dollars.
What is the condition of which stock?
Adani Ports Share: More than 8% fall, intra-day low Rs 1297
Adani Green Energy: About 15% fall, intra-day low is Rs 768.
Adani Power: Fall of more than 6%, intra-day low is Rs 128.
Adani Enterprises: Nearly 10% fall, intra-day low of Rs 1878.
Adani Total Gas: Nearly 7% fall, intra-day low of Rs 507.
Adani Energy Solution: Nearly 12% fall, intra-day low of Rs 810.
