Adani Green Energy’s share price fell 4% to a low of Rs 897.55, intra-day, after the US Securities and Exchange Commission (SEC) asked the Indian authorities to help investigate Gautam Adani, Founder and Chairman of Adani Group.
The US SEC is investing in an alleged bribery scheme of $265 million. It informed a district court in New York that it is making efforts to deliver its complaint to the founder and his nephew, Sagar Adani. It is seeking help from India’s law ministry to do the same.
Neither of them, Gautam Adani and Sagar Adani is in U.S. custody, and are in India. “The SEC has requested assistance … under the Hague service convention,” the SEC said in the court filing.
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Almost a week back, US President Donald Trump issued an executive order instructing the Department of Justice to pause the enforcement of an almost five-decade-older law. This is the same law used for probing Gautam Adani in the bribery case.
In November 2024, Gautam Adani was indicted in New York over his role in a bribery and fraud scheme. The charges against the seven individuals including Gautam and Sagar Adani were of paying around $265 million in bribes to Indian government officials. It was to obtain favourable solar power plant project contracts that are expected to yield $2 billion of profit over 20 years.
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Apart from that, other Adani Group stocks didn’t see a significant move after the news but were trading in the red.
Adani Green Energy’s share movement
The share price of Adani Green Energy has fallen 6.9% in the past five trading days. It has erased 19% of investors’ money in the last one month and over 54% in the past six months. The stock has wiped out more than 55% value in the previous one year.
To compare, the benchmark index, Nifty 50 has wiped out 0.4% of investors’ wealth in the last five trading days. It has declined by 1.8% in the last one month and 6.7% in the previous six months. However, the index has given a return of 3.7% in the last one year.
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