Majority of Adani group stocks trade lower for 2nd day; Adani Green tumbles 11%

Shares of eight of the ten listed Adani group firms were trading lower during the morning trade on Friday after billionaire Gautam Adani was charged by US prosecutors for allegedly being part of a scheme to pay USD 265 million (about Rs 2,200 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts. Adani Green Energy dropped 10.95 per cent and Adani Energy Solutions tumbled 8.57 per cent to hit the 52-week low of Rs 637.85 on the BSE.

The stock of the group's flagship firm, Adani Enterprises, slumped 6.98 per cent to hit its 52-week low of Rs 2,030.

Shares of Adani Power tanked 6.38 per cent, Adani Total Gas went lower by 6.11 per cent, Adani Ports declined 5.31 per cent, Adani Wilmar plunged 5.17 per cent to hit the one-year low of Rs 279.20 and NDTV dipped 3.41 per cent.

In contrast, ACC and Ambuja Cements were trading over 2 per cent higher even after falling in the opening deals.

In the equity market, the BSE benchmark Sensex quoted 781.02 points higher at 77,936.81 and the NSE Nifty climbed 228.90 points to 23,578.80.

Shares of Adani group firms fell sharply on Thursday.

The stock of Adani Enterprises had plunged 22.61 per cent, Adani Energy Solutions tanked 20 per cent, Adani Green Energy plummeted 18.80 per cent, Adani Ports dived 13.53 per cent, Ambuja Cements cracked 11.98 per cent, and Adani Total Gas tumbled 10.40 per cent on the BSE.

Shares of Adani Wilmar declined 9.98 per cent, Adani Power slumped 9.15 per cent, ACC fell 7.29 per cent, and NDTV dipped 0.06 per cent.

Adani group on Thursday denied charges of paying bribes to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws.

It said all possible legal recourse will be sought.

"The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the group spokesperson said in a statement.

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