Shares of Adani Group companies erased nearly $12.5 billion in market capitalisation on Friday after the US Securities and Exchange Commission sought court permission to serve summons to group founder Gautam Adani and executive Sagar Adani via email in connection with an alleged bribery and fraud investigation.
Adani Enterprises Leads Declines
On Friday, Adani Enterprises emerged as the top percentage loser on the Nifty 50, with its shares falling 10.65% to ₹1,864.20, compared with a 0.95% decline in the benchmark index.
Across the group, shares ended the session down between 3.4% and 14.54%, reflecting broad-based investor concern following the US regulatory move.
Background of the US Case
The SEC filing relates to a US indictment unsealed in November 2024, which accused certain Adani Group executives of participating in a scheme involving alleged bribes to Indian officials to secure electricity purchase agreements linked to Adani Green Energy.
Under US law, foreign companies that raise capital from American investors are prohibited from paying bribes overseas to obtain business or from seeking investment using false or misleading disclosures.
According to court filings, Indian authorities had previously declined two requests to serve the summons, prompting the SEC to seek permission for electronic service.
Adani Group Response
The Adani Group has consistently denied the allegations, describing them as “baseless”, and has said it will pursue all available legal remedies. The group did not immediately respond to requests for comment on the latest SEC filing dated January 21.
Market Reaction and Outlook
Market analysts said the timing of the disclosure caught investors off guard.
“Market participants assumed there was nothing pending and that the group had been cleared, so the SEC filing appears to have come out of the blue,” said Ambareesh Baliga, an independent market analyst.
With no clarity on the next procedural steps, analysts expect the issue to weigh on sentiment in the near term, particularly as broader market conditions remain fragile.
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