Adani group stocks' combined mcap erodes by Rs 2.45 lakh cr; Adani Enterprises tanks 23 pc

Vartha Bharati | 21-11-2024 | 11:27:00 IST

Representational Image (PTI)

New Delhi (PTI): Adani group stocks faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by Rs 2.45 lakh crore, as billionaire Gautam Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

The stock of the group's flagship firm Adani Enterprises plunged 22.99 per cent, Adani Ports dived 20 per cent, Adani Energy Solutions tanked 20 per cent, Adani Green Energy plummeted 19.53 per cent and Adani Total Gas tumbled 18.14 per cent on the BSE.

Shares of Adani Power slumped 17.79 per cent, Ambuja Cements cracked 17.59 per cent, ACC fell 14.54 per cent, NDTV dropped 14.37 per cent and Adani Wilmar declined 10 per cent.

Some of the group firms also hit their lowest trading permissible limit for the day.

The combined market capitalisation (mcap) of all the ten listed group firms eroded by Rs 2,45,016.51 crore during the morning deals.

In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75.

US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over USD 250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than USD 2 billion in profit.

This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project.

US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets.

The Adani group did not immediately respond to requests for comments.

"The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars," Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement.

Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy.

The Adanis were also charged in a US Securities and Exchange Commission (SEC) civil case.

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Three arrested for throwing egg on BJP MLA Munirathna in Bengaluru

25-12-2024 ¦ 25-12-2024 IST

BJP MLA Munirathna

Bengaluru, Dec 25: Three people were arrested for throwing an egg at BJP MLA Munirathna during an event here on Wednesday, police said.

The MLA was participating in an event to mark the birth anniversary of former Prime Minister Atal Bihari Vajpayee at Nandini Layout in the city when miscreants threw an egg at him, a police officer said.

The MLA accused Deputy Chief Minister D K Shivakumar, his brother and former MP D K Suresh, and their confidantes of "orchestrating" the attack.

"This was an attempt to kill me. Nearly 150 people were brought in to finish me. I would have been killed if my supporters and policemen were not present. D K Shivakumar, D K Suresh, Hanumantharayappa, and some others were involved," Munirathna alleged.

Shivakumar, who was in Belagavi, rejected the allegation, saying he was busy preparing for the centenary celebrations of the 1924 Indian National Congress session, which was presided over by Mahatma Gandhi.

Suresh also dismissed the charge, claiming that Munirathna was "threatening" Congress workers in his area.

He alleged that the MLA had staged the attack to divert public attention from the issue.

Karnataka Home Minister Parameshwara confirmed the arrests. "Three people have been arrested. The investigation is ongoing to identify who they are and why they did it," he told reporters.

BJP state president B Y Vijayendra condemned the attack.

"Such an attack is not just an insult to Munirathna, but the entire state. Just because you (Congress) are in power, you are attacking people. An attack on a public representative is highly condemnable," Vijayendra told reporters.

Union Minister Pralhad Joshi and former Minister C T Ravi also condemned the incident.

Munirathna, who is facing several police cases, including a rape case, was recently released on bail.

Egged in #Bengaluru #BJP MLA (Rajarajeshwarinagar) Munirathna, who is out on bail in a rape case, was struck on his head with an egg near Kanteerava Studio in the northern part of the city. He blamed his political detractors for the attack. pic.twitter.com/wcLoKVXaKr
— TOI Bengaluru (@TOIBengaluru) December 25, 2024

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