The Adani empire, the biggest conglomerate in India, saw its stock fall by 16% when the US authorities accused it of bribery. A report by the Indian daily newspaper The Economic Times revealed that on Wednesday, U.S. prosecutors pressed charges stating that the Adani Group conspired with the Indian officials to obtain solar energy bidding permits. It brought turmoil to share trading in India last Thursday when the news was published.

Adani Group warned its investors that the company’s stocks had fallen by between 10% and 20%. One of the group’s flagship companies, Adani Enterprise Ltd., suffered the largest loss and its share price fell by 15%. Similarly, other companies associated with the Adani group like Adani Ports and SEZ, Adani Power, Adani Energy, and Adani Green Energy also shed considerable amounts of investors’ wealth.

Massive Market Cap Loss for Adani Group

Consequently, share prices plummeted lowering Adani Group’s market capitalization by ₹2.24 lakh crore in mere minutes. It highlighted that the market capitalisation of the business had suffered the greatest decline with the Adani Enterprises alone slipping to ₹49,000 crore. On the same note, Adani Green Energy lost ₹42,000 crore of its market worth.

Here’s a quick summary of the losses incurred:

• Adani Enterprises: Market cap loss of ₹49,000 crore.
• Adani Green Energy: Market cap loss of ₹42,000 crore.
• Adani Ports, Power, and Energy: Significant declines in stock prices contributed to the overall slump.

The incident has sparked widespread concern among investors and market analysts, emphasizing the potential ramifications of the allegations on the group’s overall stability and reputation.

Huge losses for Adani group companies

1. The market cap of Adani Enterprises lost up to Rs.48,821.84 crore in the trading session. Due to this the market cap of the company has decreased from Rs.3,25,502.04 crore to Rs.2,76,680.20 crore.
2. Adani Port, SEZ trading session Rs. 27,844.19 crores suffered a loss. Due to this, the market cap of the company has decreased from Rs.2,78,452.71 crore to Rs.2,50,608.52 crore.
3. Adani Power lost Rs 36,006.08 crore in the trading session. Due to this the market cap of the company has decreased from Rs.2,02,367.67 crore to Rs.1,66,361.59 crore.
4. Adani Energy Solutions lost Rs 20,950.36 crore in the trading session. Due to this, the company’s market cap has decreased from Rs.1,04,763.85 crore to Rs.83,813.49 crore.
5. Adani Green Energy lost Rs 42,865.415 crore in the trading session. Due to this, the market cap of the company decreased from Rs.2,23,509.64 crore to Rs.1,80,644.23 crore.
6. Adani Total Gas lost Rs 13,417.69 crore in the trading session. Due to this the market cap of the company has decreased from Rs.73,934.73 crore to Rs.60,517.04 crore.
7. Adani Wilmar lost Rs 4,249.94 crore in the trading session. Due to this the market cap of the company has decreased from Rs.42,512.48 crores to Rs.38,262.54 crores.
8. In the trading session, ACC Limited lost up to Rs.5,969.76 crore. Due to this the company’s market cap has decreased from Rs.41,032.45 crore to Rs.35,062.69 crore.
9. Ambuja Cement lost Rs 23,787.94 crore in the trading session. Due to this, the market cap of the company has decreased from Rs.1,35,200.13 crore to Rs.1,11,412.19 crore.
10. During the trading session, NDTV traded at Rs. 156.99 crores was lost. Due to this, the company’s market cap has decreased from Rs.1,091.82 crore to Rs.934.83 crore.
11. If the market cap losses of all Adani Group companies are combined, the Adani Group has suffered a loss of Rs 2,24,070.205 crore so far. Let’s see how many crores of loss that group had to suffer.
12. US prosecutors have accused Indian industrialist Gautam Adani, his nephew Sagar Adani, and others

Gautam Adani and Associates Accused of $250 Million Bribery Scheme

Indian industrialist Gautam Adani in the US and several other officials including his nephew Sagar Adani have been accused by the US prosecutors of bribing Indian government officials $250 million (approximately ₹2,110 crore). The bribes were paid to bag large tenders in the solar energy business, expected to earn more than $2 billion, which solar enterprises are projected to earn in the years 2020 to 2024.

The U.S. Attorney for the Eastern District of New York, Brian Pease, called the case one of bribery at its best. Among the accusations leveled on Gautam Adani, Sagar Adani and ex-chieftain of Adani Green Energy Vineet Jain are securities fraud, wire fraud, and conspiracy.