Adani Group Stocks Take a Hit Amid Corruption Allegations

Adani Group stocks witnessed a significant decline on Tuesday, fueled by a negative trend in equities and allegations of bribery against the conglomerate’s leadership in the United States.

On the Bombay Stock Exchange, shares of Adani Green Energy plummeted by over 7%, with other Adani companies experiencing drops ranging from 0.09% to 4.78%. This downturn comes amid reports of Gautam Adani and two executives facing legal action for allegedly offering $265 million in bribes to secure solar power contracts.

In response to the allegations, French energy giant TotalEnergies announced a temporary halt on additional investments in Adani’s ventures, pending clarity on the situation. Despite these setbacks, the Adani Group claims the charges are unfounded and states the pause will not affect its growth plans.

(With inputs from agencies.)