The Indian stock market had to react to the exit poll on Thursday. But the night news related to Adani Group shook the stock market, the news was big and its impact on the market was also big.
In fact, on Thursday morning there were signs of strength in the Indian market from Gift Nifty. But the news related to Adani Group changed the whole matter. The market started with a drop and the drop dominated the market until the end of trading.
Just as there was a huge drop in the shares of Adani Group companies after the Hindenburg allegations, a similar situation has occurred today with the shares of the Adani Group. There was a huge drop in the shares of all Adani Group companies. Downward circuits were observed in the shares of most companies.
Due to heavy sales of Adani Group shares, the stock market also failed to recover. Sensex closed at 422 points. While Nifty fell to 23,350. In today’s heavy selling, investors have suffered a loss of about Rs 5.35 lakh crore. Adani Group shares fell the most; Apart from this, a fall was also observed in the shares of government banks, because many banks have given loans to the Adani Group.
These shares sold heavily…
Adani Enterprises stock fell 22.52%.
Adani Energy Solutions stock fell 20.00%.
Adani Green Energy stock fell 18.68%.
Adani Total Gas Share: fell 10.73%
Adani Power Share: fell 9.06%
Adani Ports share fell 13.56%
Ambuja Cements share fell by 11.65%.
ACC stock fell 6.94%.
NDTV shares fell 0.66%.
Adani Wilmar stock: fell 10.00%
SBI stock fell 2.75%.
IDBI Bank- fell 2.00%
LIC’s share fell by 1.44%.
What’s the whole deal?
In fact, during the hearing in New York Federal Court, Gautam Adani’s company has been accused of defrauding investors in the US and paying huge bribes to Indian officials to secure a solar energy contract. It is alleged that between 2020 and 2024, a bribe of $265 million (around Rs 2,236 crore) was given to Indian officials through the wrong route to take this solar project to Adani Green and Azure Power Global.
Not only this, it is said that the bribery matter was hidden from the American company i.e. Azure Power Global. Through this contract, profits of more than two billion dollars were estimated in 20 years and to take advantage of this, loans and bonds were raised making false statements.
Adani Group called the allegation baseless
It is worth noting that this is considered a big blow for Gautam Adani, who has recovered from the Hindenburg shock, and this blow also comes from outside. However, the Adani Group has also been cleared. Adani Group said on Thursday that the allegations made by the US Department of Justice and the Securities Market Regulator against the directors of Adani Green Company are baseless and refuted. Adani Group said that the allegations made in court are just accusations and the accused are considered innocent until proven guilty, we will use all possible remedies of the law.
He said Adani Group is committed to maintaining the highest standards of governance, transparency and regulatory compliance in its operations. We assure all our partners, employees and stakeholders that we are a law-abiding group and strictly comply with regulations.
SECI said: investigation is not necessary…
At the same time, the Solar Energy Corporation of India (SECI) submitted its clarification in the Gautam Adani case. He has put this whole matter aside. He said he has not received any document related to the allegations leveled against Gautam Adani’s group in the US court. In such a situation, you are not aware that any company rules have been violated.
In fact, Reuters has published this report quoting SECI Chairman and CEO RP Gupta. Gupta said the company has no reason to investigate this matter. In such a situation, everyone will be attentive to what happens next. Let us tell you that Solar Energy Corporation of India (SECI) is a government company. Works to increase the availability of renewable energy in the country.
