Why Adani Group Stocks Are Down in Today’s Trade?

Adani Group stocks were in focus on March 18, 2024, after reports of US probing Indian billionaire Gautam Adani and his Group over potential bribery.

According to a Bloomberg report, US prosecutors are widening their probe of India’s Adani Group to focus on whether the company may have engaged in bribery as well as the conduct of the company’s billionaire founder.

The people familiar with the matter said that investigators are digging into whether an Adani entity or people linked to the company, including Gautam Adani, were involved in paying officials in India for favorable treatment on an energy project. They requested not to be identified discussing the confidential effort. The probe, which is also looking at Indian renewable energy company Azure Power Global Ltd., is being handled by the US Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington.

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“We are not aware of any investigation against our chairman,” Adani Group said in an emailed statement. “As a business group that operates with the highest standards of governance, we are subject to and fully compliant with anti-corruption and anti-bribery laws in India and other countries.”

Representatives for the Justice Department in Brooklyn and Washington declined to comment. Azure didn’t respond to requests for comment. Gautam Adani, his company, and Azure haven’t been charged with wrongdoing by the Justice Department, and investigations don’t always lead to prosecutions, the Bloomberg report added.

At 12:52 PM, Adani Enterprises and Adani Power were down 1 percent while Adani Ports, Adani Wilmar and Adani Green Energy shed 1.84 percent. Adani Total Gas was down over 3 percent.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment.