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