Adani group stocks' combined mcap erodes by Rs 2.45 lakh cr; Adani Enterprises tanks 23 pc
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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Two girls injured in separate wolf attacks in UP's Bahraich
Bahraich (UP) (PTI): Two minor girls were injured in separate incidents of wolf attacks in the Bahraich district, forest department officials said on Saturday.
In the first incident on Friday, Anushka Nishad (5), daughter of Baliram from Mallahanpurwa village, was sleeping alone inside her house when a wolf entered and tried to carry her away, they said.
Hearing her screams, family members and villagers rushed to the spot. The wolf left the child, hearing the commotion, and ran towards the fields. The girl sustained minor injuries from the animal's teeth, the officials said.
Divisional Forest Officer Ram Singh Yadav described the attack as deliberate and cleverly planned, as it occurred precisely when Anushka's mother went out for a few moments.
On the same day, Nancy (4), daughter of Kamlesh Yadav, was playing outside her house in Baburi Tola village when a wolf suddenly attacked and dragged her away.
Villagers raised an alarm, and the wolf released the child and ran towards the sugarcane fields. The injured child was sent to the Kaiserganj Community Health Centre for treatment.
Divisional Forest Officer Ram Singh Yadav told reporters that both attacks involved wolves, adding that the entire area is plagued by the animal's activity.
Since September 9, such attacks in the Bahraich district have claimed 10 lives, including eight children and an elderly couple, and injured dozens of people, the officials said.
District Magistrate Akshay Tripathi met the families of the victims on Friday and consoled them.
