Home Market
Market

Adani Group shares extend losses, slide another 10%; Kenya cancels $700 million deal

By admin
0
36
Adani Group shares extend losses, slide another 10%; Kenya cancels $700 million deal

Adani Group stocks plunge another 10% after the conglomerate faced significant pressure on Thursday, witnessing a sharp 23% decline as controversies surrounding the group intensified. Key developments include Kenya’s decision to terminate major contracts involving Adani and U.S. prosecutors indicting the conglomerate on bribery charges.

Adani Group Stock Performance

Name of StockStock Reaction Intra-dayAdani Enterprises-7.23%Adani Ports and SEZ-5.38%Adani Green Energy-10.82%Adani Power-6.30%Adani Energy Solution-8.60%Adani Total Gas-5.81%Adani Wilmar-5.43%Ambuja Cement-1.44%Adani Group Stock Reaction Till 9:30 am

Kenya cancels key contract with Adani Group

Kenyan President William Ruto announced the immediate cancellation of a procurement process for expanding Nairobi’s primary airport, which had included a proposal from Adani Group. In a state of the nation address, Ruto also ordered the termination of a $700 million project involving an Adani Group unit for building power transmission lines.

Also ReadAdani Enterprises Share Price Today Live Updates, 22 Nov, 2024: Adani Enterprises on the radar

“I have directed agencies within the Ministry of Transport and the Ministry of Energy and Petroleum to immediately cancel the ongoing procurement,” Ruto stated, citing “new information provided by investigative agencies and partner nations.” 

Also Read Zinka Logistics IPO closes today: Here are 6 things to know if you plan to subscribe Vodafone Idea Share Price Today Highlights, 14 Nov, 2024: Vodafone Idea closes 0.14% lower To raise exports’ share in revenue to 25% from under 1% now in 3 years: RITES CMD Swiggy IPO subscribed 3.59 times led by QIBs

Adani Energy Solutions had recently secured a 30-year, $736 million public-private partnership with the Kenya Electrical Transmission Company in October. The contract was suspended by a Kenyan court within the same month.

U.S. Prosecutors Indict Adani Group on Bribery Allegations

Adding to the Adani Group’s challenges, U.S. prosecutors filed charges against the group, accusing it of conspiring with executives from a former New York-listed company in a $265 million bribery scheme involving Indian officials to expand its solar energy business. 

Also ReadAdani Power Share Price Today Live Updates, 22 Nov, 2024: Adani Power on the radar

Adani Group strongly denied these allegations, calling them “baseless,” while Indian government officials have not yet commented on the matter.

 » Read More

Previous articleZinka Logistics likely to see muted listing, Here’s what GMP price signals
Next articleAdani Group Share Price Live Updates: Adani Group shares in focus as Kenya cancels key deal after US bribery charges
adminhttps://businesstimes.co

Related Articles

Money

Is Centre planning to introduce a scheme offering unemployment allowance to youth? Here’s what Govt says

admin - 0
The central government has recently informed Parliament about unemployment benefits being provided under various central schemes to unemployed youth in the country. In the Parliament’s winter session, which concluded last week, parliamentarian GC Chandrashekhar asked the government about plans to introduce a scheme offering unemployment allowances to unemployed youth in the country to help them
Read more
Industry

ACME Solar secures Rs 1998 crore financing from Power Finance Corporation

admin - 0
ACME Renewtech Private Limited, a subsidiary of Acme Solar Holdings Limited, on Thursday announced that it has successfully secured Rs 1,988 crore in term loan financing from Power Finance Corporation (PFC) to fund the development and construction of a 300 MW Solar-Wind Hybrid Renewable Energy Project. The project, it added, will be located in high-resource
Read more
Money

5 tax planning actions you must take before year-end!

admin - 0
Tax planning helps you analyse your financial position and find ways to lower net taxable income and overall tax outgo using various provisions available under the Income Tax Act, 1961. It become even more important to review tax planning periodically as the government frequently brings changes to income tax rules either during the Union Budget
Read more

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Money

Is Centre planning to introduce a scheme offering unemployment allowance to youth? Here’s what Govt says

admin - 0
The central government has recently informed Parliament about unemployment benefits being provided under various central schemes to unemployed youth in the country. In the Parliament’s winter session, which concluded last week, parliamentarian GC Chandrashekhar asked the government about plans to introduce a scheme offering unemployment allowances to unemployed youth in the country to help them
Read more
Industry

ACME Solar secures Rs 1998 crore financing from Power Finance Corporation

admin - 0
ACME Renewtech Private Limited, a subsidiary of Acme Solar Holdings Limited, on Thursday announced that it has successfully secured Rs 1,988 crore in term loan financing from Power Finance Corporation (PFC) to fund the development and construction of a 300 MW Solar-Wind Hybrid Renewable Energy Project. The project, it added, will be located in high-resource
Read more
Money

5 tax planning actions you must take before year-end!

admin - 0
Tax planning helps you analyse your financial position and find ways to lower net taxable income and overall tax outgo using various provisions available under the Income Tax Act, 1961. It become even more important to review tax planning periodically as the government frequently brings changes to income tax rules either during the Union Budget
Read more
Market

Tracking buzzing stocks: Adani Ports, M&M among top gainers; Titan, Asian Paints Among the Top Losers on December 26 – Check complete list here

admin - 0
Indian stock markets ended on a mixed note on December 26 after a volatile trading session. The Sensex ended almost unchanged, dipping just 0.39 points to settle at 78,472.48, while the Nifty managed a slight gain of 22.55 points or 0.10 per cent, closing at 23,750.20. The Nifty Bank index also ended the day in
Read more
Market

Carraro India IPO allotment today: How to check the allotment status online on NSE, BSE, Link Intime

admin - 0
Carraro India IPO completed its bidding phase on December 24. The issue opened for subscription on December 20, with the price band of the issue kept between Rs 668 to Rs 704. After its three-day bidding window, the allotment of the shares is likely to be finalsed today (December 26). After this process, the shares
Read more
Load more
© businesstimes.co