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  1. Adani Group stocks: Adani Green Energy shares update on US dollar-denominated bond offerings; read on

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Adani Group stocks: Adani Green Energy shares update on US dollar-denominated bond offerings; read on

Upstox

2 min read | Updated on November 21, 2024, 11:10 IST

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SUMMARY

US authorities said Gautam Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years and develop India's largest solar power plant project.

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Adani Green Energy was trading 19% lower at ₹11,45.30 on the BSE.

Adani Green Energy was trading 19% lower at ₹11,45.30 on the BSE.

Adani Green Energy shares: Adani Group stocks cracked in Thursday's session (November 21) after news reports said that Gautam Adani, the billionaire chairman of the Indian conglomerate, has been indicted in New York over his role in a $265 million bribery scheme. 
US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years and develop India's largest solar power plant project, as per a Reuters report. READ MORE
On Thursday, Adani Green Energy, one of the group companies, in its filing to stock exchanges, said, "The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York against our board members, Gautam Adani and Sagar Adani. The United States Department of Justice has also included our board member, Vneet Jaain, in such criminal indictment."

In light of these developments, the company said its subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings. 

Among individual names, Adani Energy Solutions was locked in the 20% lower circuit at ₹697.70 on the BSE. Adani Ports was frozen at a 10% lower circuit at ₹1160.15. Shares of Adani Wilmar were down nearly 8% at ₹301.60 apiece on the BSE, while those of Adani Power were trading around 11% lower. 

Adani Enterprises was also locked in the 20% lower circuit at ₹2538.20.

Adani Green Energy was trading 19% lower at ₹11,45.30 on the BSE.

Last month, Adani Group said it had merged two step-down subsidiaries with green hydrogen and wind turbine manufacturing firm Adani New Industries Ltd.

"Adani Infrastructure Private Limited and Mundra Solar Technology Limited stand amalgamated with Adani New Industries Limited, a wholly owned subsidiary of the company," Adani Enterprises Ltd, the group's flagship firm said in the filing.

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