Adani Group Companies Shares Lose Rs 2.6 Lakh Crore Today: Case against Gautam Adani in US

November 21, 2024: A case has been filed against Gautam Adani, the chairman of the Adani Group, in the United States. As a result, the shares of Adani Group companies have crashed. Since the stock markets opened this morning, the listed companies of the Adani Group alone have suffered a loss of nearly Rs 2.6 trillion. Stocks are trading with losses of around 20%. Consequently, the wealth of the Adani Group companies has dropped to ₹12.3 trillion.

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The losses suffered by various Adani Group companies are as follows:

Adani Enterprises: 20%

Adani Ports and Special Economic Zone: 20%

Adani Green Energy: 18%

Adani Power: 14%

Adani Total Gas: 14%

Ambuja Cements: 18%

ACC: 15%

Adani Wilmar: 10%

NDTV: 14%

Sanghi Industries: 6%

What is the case about?

According to the FBI, Adani Group officials allegedly paid bribes of around $265 million (₹16,890 crore) to Indian government officials in order to secure solar power supply contracts that would generate $2 billion (₹16,890 crore) in profits over 20 years. Additionally, they are accused of providing false information to banks and investors to raise funds. Since these solar projects involve U.S. investors' funds, the FBI is investigating the matter. Furthermore, lawyers have indicated that illegal loans and bonds were raised through Adani Green Energy. As a result, Gautam Adani, his relative Sagar Adani, and seven others have been named as suspects in this case.

Adani's Announcement on Dollar-Denominated Bonds

In light of the American case and the charges against him, the Adani Group has decided not to proceed with the offering of dollar-denominated bonds in the United States. They made this decision in an announcement to the exchanges on Thursday. The statement read: "The U.S. Department of Justice and the U.S. Securities and Exchange Commission (SEC) have filed criminal charges against board members, including Gautam Adani and Sagar Adani. Therefore, we have decided not to proceed with the proposed dollar-denominated bond offering." The value of the offer was approximately ₹3,960 crore.

"Violations of U.S. Law Will Not Be Tolerated"

Lisa H. Miller, Deputy Assistant Attorney General of the U.S. Department of Justice, responded to the matter, stating that there are reports of corruption in Adani's solar project contracts. She confirmed that a thorough investigation is underway. She emphasized that any violations of U.S. law, regardless of where they occur in the world, will not be tolerated. The FBI’s New York Corporate, Securities, and Commodities Fraud and International Corruption Units are investigating the case.

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