Adani shares fall sharply in stock market
PrashantNews
Adani group stocks crashed in the domestic equity market on Thursday after business tycoon Gautam Adani in the US faced charges of bribing some officials to win contracts for his company.
Prosecutors in the US alleged that Adani (62) and his men paid Indian officials to win contracts for his renewable energy company expected to yield more than $2bn in profits over 20 years, media reports said. Congress leader Rahul Gandhi has repeatedly attacked Prime Minister Narendra Modi for his alleged close links with Adani in the past.
Most of the Adani group companies including Adani Ports, Adani enterprise, Adani Energy Solutions, Adani Green, Adani Power crashed at the BSE. Adani Energy Sol tanked 20 percent to hover around Rs 700 in the afternoon session.
Adani Enterprise was again under intense pressure to lose 18 percent to reach Rs 2314 which is almost the year’s low level of Rs 2153.
Adani group news sent other stocks like Reliance also in negative territory at the BSE which lost 500 points in the morning session.
Analysts advised the people to adopt cautious approach at the stock market in view of the growing fluidity.
Last year, Adani group faced controversy after a Hindenburg report alleged that it manipulated the share market through offshore structures.