Adani group stocks: Most of the Shares of Adani Group saw a decline on February 19. During the afternoon trading, the shares of all the 10 companies of the group were in red mark. The decline came after the news that the US Securities and Exchange Commission (SEC) has sought help from the Government of India to deliver notices to Gautam Adani and his nephew Sagar Adani in the alleged Security Fraud and bribery case. News agency Reuters has given this information in a report. The most decline of this report today was seen in the shares of Adani Green Energy. Around 2 pm, it was trading at a price of Rs 869.80, falling 3.20 per cent.
At the same time, the shares of Adani Enterprises, the most important company of the group, were trading at Rs 2,185.00. While Adani Ports were trading at Rs 1,083.30, 0.2 percent.
Talking about the remaining shares of the group, Adani Energy Solutions fell 0.52 percent to Rs 672.70. Adani Total Gas was trading at Rs 578.25, down 0.2 per cent and Adani Power was trading at Rs 482.35 down by 0.52 per cent. Meanwhile, the stock market today was seen trading in the green mark. The Nifty-50 index had a slight increase of 0.2% and reached 22,990.
Legal investigation
Reuters report cited a document filed in the New York District Court on Tuesday, saying that SEC has sought assistance from India’s Law and Justice Ministry to send their notice to Gautam and Sagar Adani. The American regulator told the court that its efforts to give notice to both persons are going on and none of them are in American custody as they are currently in India.
What happened last year?
The case began in November 2024, when American Federal Prosicorrs alleged that Adani’s company Adani Green Energy acquired electricity contracts by bribing Indian authorities and misleading American investors with anti-corruption policies. Subsequently, SEC filed a separate civil lawsuit in the case, which is different from the Criminal case of the US Justice Department. However, Adani Group has said that these allegations are “baseless” and said that they should adopt all legal measures.
In November 2024, the allegations of alleged bribery also declined in the shares of Adani Group. Adaani Group’s dollar bonds were also seen to have a sharp decline, which was believed to be the biggest decline after the 2023 Hindenberg report. But after this, the shares were observed due to the aggressive efforts to cut the loan loans and the strategy of raising new funds.
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