Adani Green, Adani Ports, Adani Transmission: Why Adani group shares are falling

Shares of Adani Group companies plummeted after US prosecutors charged Gautam Adani and other executives with bribery allegations related to securing solar energy contracts in India.
Adani Enterprises bore the brunt of the sell-off, falling 23% during the session. Adani Ports and Special Economic Zone (APSEZ) dropped 21%, while Adani Energy Solutions and Adani Transmission both declined by 20%.
Adani Total Gas fell nearly 16%, Adani Power lost 14%, and Adani Wilmar dropped 10%. Other group entities like NDTV, Ambuja Cements, and ACC also saw declines between 8-10%.
The sell-off was triggered by an indictment filed by US prosecutors in Brooklyn, accusing Gautam Adani, Sagar Adani, and Vneet Jaain of orchestrating a $250 million bribery scheme. The allegations include paying bribes to secure solar energy contracts in India, making false statements to US investors, and violating federal laws.
The indictment also accuses the group of obstructing justice by deleting electronic records and misleading US agencies, including the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and the FBI. Separately, the SEC has filed a civil lawsuit against the Adani Group.
In a statement, Adani Green said: “The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani.”
“The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings,” the statement added.